Sign up to get email updates.
|
|
Democratic Initiatives
Predatory and Subprime Mortgage Lending
Issues- There are serious problems in our
country's mortgage lending market. Foreclosure rates are rising,
housing prices are stagnating and too many consumers are surprised to
find out that their monthly payments are spiking. The difficulties
have been concentrated in "subprime" loans, which generally go to
borrowers with limited or damaged credit, although there is evidence
that some borrowers are shifted into the subprime category because
they are African-American or Hispanic. Real damage has been done to
families and communities as many adjustable-rate mortgage loans
"reset" to higher interest rates and monthly payments. The
Democratic-led House Financial Services Committee has been intently
focused on these issues and is working toward a balanced solution that
stops abuses, preserves access to credit, and aids stable
homeownership. Click here for a description of
Democratic responses, press releases and documents from
hearings.
Initiative to Protect
Shareholders from Abuses of Executive Compensation- In
March of 2007, Congressman Barney
Frank, Chairman of the Financial Services Committee, introduced
H.R. 1257, "The Shareholder Vote on Executive Compensation
Act." The bill would require that public companies ensure that
shareholders have an annual nonbinding advisory vote on their
company's executive compensation plans; and an additional
nonbinding advisory vote if the company awards a new golden
parachute package while simultaneously negotiating the
purchase or sale of the company. H.R. 1257 is supported by
many shareholder and workers rights groups and investors,
including the California State Teachers' Retirement System and
the International Corporate Governance Network.
Click here
for description of initiative, bill language, reports on the problems of executive compensation and statements
of support for the initiative.
At Issue: Retailers Purchasing Industrial Loan Corporations
(ILCs)-
In the
past several years more and more commercial firms, including
large retail companies, have begun trying to start or purchase
industrial loan companies, raising concern that they will
offer a wide variety of banking services and eroding the
separation between banking and commerce. Chairman Barney Frank
joined Rep. Paul Gillmor in submitting bipartisan legislation
to close a loophole in the nation's banking laws that allow
retailers and other commercial firms to own industrial loan
companies (ILCs), also known as industrial banks.
Click here for
description of issue, bill language, press releases and
related letters.
Response to the Gulf Coast Hurricanes- In the aftermath of
the Gulf Coast Hurricanes, the
Democratic Members of the Financial Services Committee have been
active in providing both short-term and long-term
solutions to housing and flood insurance for hurricane
survivors. However, Democrats have been critical at the federal
government's response to these natural disasters. Since
the hurricanes struck and sent millions of people looking
for temporary housing, the federal government's housing
response has been haphazard at best.
Click here for a description of
Democratic response, bills, press releases and floor statements by
Democratic Committee Members and copies of letters to HUD and FEMA.
Click here to view archive
of Democratic Initiatives.
|