Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Since not long after Fannie Mae and Freddie Mac were seized by the government a decade ago, policymakers have been circling the same idea for how to revamp the housing finance system. Broadly speaking, that plan would privatize the two government-sponsored enterprises while providing an explicit federal backstop for the mortgage market.
In May, the Revolving Door Project and over 30 other organizations urged Senate Democrats to push for strong progressives for the leadership positions at key financial agencies allocated to Democrats. Democrats now have a chance to demonstrate that they have become the party of the people by whom they choose for open leadership positions at the Securities and Exchange Commission and the Federal Deposit Insurance Corporation .
The Senate is expected to vote next week on the confirmation of Jelena McWilliams to become the chair of the Federal Deposit Insurance Corp. The nomination of McWilliams, the chief legal officer at Fifth Third Bancorp, was approved by the Senate Banking Committee in February by a vote of 24 to 1, with only Sen. Elizabeth Warren, D-Mass., opposing the confirmation. On Thursday, Senate Majority Leader Mitch McConnell filed a cloture motion that sets up debate by the full Senate on the nomination.
An internal report by a banking regulator projects how it might help JPMorgan and Citigroup, which owns Citibank. A bipartisan Senate bill quickly moving toward passage could allow two of the nation's biggest banks to reduce the amount of money they must keep on hand as a buffer against collapse by a collective $30 billion, an internal analysis by a top banking regulator has found.