[Congressional Record Volume 156, Number 124 (Wednesday, September 15, 2010)]
[Extensions of Remarks]
[Pages E1650-E1655]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    FINDINGS OF THE CHAIRMAN OF THE COMMITTEE ON FINANCIAL SERVICES 
       RELATING TO EFFICIENCY AND REFORM PURSUANT TO H. RES. 1493

                                 ______
                                 

                           HON. BARNEY FRANK

                            of massachusetts

                    in the house of representatives

                     Wednesday, September 15, 2010

  Mr. FRANK of Massachusetts. Madam Speaker, the Financial Services 
Committee continues to work hard throughout the 111th Congress; 
fulfilling the pledge our New Direction Congress has taken, with your 
leadership, to restore fiscal discipline and accountability in the 
stewardship of the Federal budget.
  I am pleased to provide an update since my letter on May 26, 2010, on 
what our Committee has specifically done to promote efficiency and 
prudent government reforms while reducing waste, fraud, abuse and 
mismanagement with respect to government programs and agencies within 
our jurisdiction. As of this week, we will have held over 65 oversight 
hearings that achieve these objectives.
  A list of recent oversight hearings that fully comply with the Rules 
of the House, as required by H. Res. 40 sponsored by Representative 
John Tanner, is attached. These hearings have directly resulted in 
stronger transparency and protections for U.S. taxpayers, including 
increased returns from the TARP warrants program, vigorous oversight of 
the conservatorship of Fannie Mae and Freddie Mac and the future of 
housing finance, and other key areas where taxpayer dollars are at 
stake.
  As you know, this Committee played a key role in fully protecting 
taxpayers and rooting out waste, fraud and abuse with our work 
producing the Dodd-Frank Wall Street Reform and Consumer Protection 
Act, which the President signed into law on July 21, 2010, P.L. 111-
203. This historic new law overhauls

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and strengthens the financial regulatory system, ending the need for 
taxpayer-funded bailouts while better protecting consumers, investors, 
and taxpayers. For example, with the new Consumer Financial Protection 
Bureau, the law consolidates and strengthens consumer protection duties 
by streamlining powers previously scattered across too many agencies.
  From an oversight perspective, the Wall Street Reform Act will help 
curb waste, fraud, and abuse by creating a new Council of Inspectors 
General on Financial Oversight, which will improve coordination of 
financial agency Inspector's General and help them identify any gaps or 
weaknesses in financial regulation. Additionally, with the inclusion of 
a version of Representative Steve Driehaus' legislation--H.R. 3330, the 
Improved Oversight by Financial Inspectors General Act--the law 
provides Inspectors General with more flexible and reasonable reporting 
requirements so that vital financial agency programs, such as 
foreclosure mitigation and anti-terrorist finance efforts, will be 
properly monitored to fully protect taxpayers. The law also grants 
these Inspectors General with more independence and accountability, 
ensuring taxpayers have the best watchdogs monitoring financial 
regulatory activities. Finally, over 40 mandatory Government 
Accountability Office reports and studies were included in the law so 
that the implementation is closely monitored and will maximize efforts 
to eliminate waste, fraud and abuse throughout the reformed financial 
regulatory apparatus. A full list of those GAO reports is attached.
  In addition, in July the House initiated and the President signed 
into law, P.L. 111-229, statutory authority for the Federal Housing 
Administration (FHA) to raise loan fees to help shore up the FHA Fund. 
The Office of Management and Budget estimates that this could save 
taxpayers at least $250 million a month. The House has also adopted the 
``FHA Reform Act of 2010'', H.R. 5072, which gives the Department of 
Housing and Urban Development increased powers to impose sanctions and 
terminate FHA lenders which are not following program rules or 
otherwise increasing risk to taxpayers on FHA loans they originate. 
This bill is pending in the Senate.
  We look forward to continue working with you and the rest of our 
colleagues in the 111th Congress to strengthen accountability, 
transparency and taxpayer protections through future oversight efforts.
  Attachments.

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