Wednesday August 12, 2009
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Banking & Financial Services
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In a growing state like Idaho, financial institutions play a vital role in the development of our local economy.
As a member of the Senate Banking Committee, I will continue my work to reduce outdated and unnecessary regulatory burdens on our financial institutions and the consumers they serve, allowing these institutions to provide better personal and business financial assistance and consumer protection.
Here are some video clips of my work in the Senate regarding banking and financial service issues:
June 22, 2009: The Senate Banking Committee holds a hearing on modernizing oversight on over-the-counter derivatives. At the hearing, I read excerpts from letters I received from businesses highlighting a few examples about the possible effects of severely restricting access to customized over-the-counter derivatives on companies’ ability to manage risk and on the prices they charge customers. Click here to read my entire submitted opening statement and the letters I refer to in the statement.
March 3, 2009: Senators Dodd, Dorgan and I enter into a colloquy for the Record that establishes that we do not want to change the regulatory authority and the jurisdictional structures we now have for our Federal regulators over our depository institutions; and that we will, in a very expedited manner in the next available option for a legislative vehicle, make statutory changes to correct that.
Those statutory changes were included as part of the Credit Card Accountability Responsibility and Disclosure (Credit CARD) Act of 2009, which was passed by the Senate on May 13, 2009.
May 5, 2009: My comments on the floor of the Senate on ensuring that the FDIC and NCUA have the resources necessary to fulfill the government's commitment to protect insured depositors.
Language on the FDIC and NCUA borrowing authority was included in the Helping Families Save Their Homes Act of 2009, which was passed by the Senate on May 6, 2009.
Below is my opening statement at a Senate Banking Committee hearing addressing the notion of whether some financial institutions are really too big to fail.
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