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In today’s world, it is critical that citizens in the 19th District of Texas know what is going on in their federal government.
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Chairman's Corral
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FSC Oversight Committee Chairman Sends Letter to NY Fed Requesting Follow-Up Information on LIBOR
07/23/12 < Read more > -
"Who's In Your Wallet? Dodd-Frank's Impact on Families, Communities and Small Businesses" Opening Statement: Oversight and Investigations Subcommittee
07/19/12Today's hearing is one of many that have been held by to evaluate and oversee Dodd-Frank implementation. In fact, we've held more than 60 hearings in this Committee alone. I wonder sometimes–if we had devoted that much time to preparing an< Read more > -
Opening Statement: Financial Services Committe Hearing - Examining Bank Supervision and Risk Management in Light of JPMorgan Chase's Trading Loss
06/19/12This Committee has a critical responsibility–we must ensure that our financial exchanges, our banking system, and our housing markets are functioning smoothly and within prescribed laws and regulations. We are not, however, charged with dictating th< Read more > -
Chairman Neugebauer, Oversight and Investigations Subcommittee - Budget Hearing - The Office of Financial Research
04/19/12What we learned in our hearing last July was not encouraging: The OFR has the authority to raise its own money, set its own budget, and fund long-term research projects at will. It can hire without limit, and OFR employees are not subject to ordinary gove< Read more > -
Opening Statement: Oversight and Investigations Subcommittee: "The Collapse of MF Global Part 3"
03/28/12Thank you all for attending this important hearing on the collapse of MF Global, the eighth largest bankruptcy in our nation's history. This is the third in a series of hearings analyzing the failure of the firm. Through our ongoing investigation we h< Read more > -
Opening Statement: Oversight and Investigations Subcommittee Hearing - Consumer Financial Protection Bureau
02/15/12The decision to fund the Consumer Financial Protection Bureau outside of the appropriations process deprived Congress of a major tool for overseeing its operations. Despite the obstacles created by Dodd Frank, today we are hoping to get some idea of how C< Read more > -
LETTER TO FHFA DIRECTOR EDWARD DEMARCO REGARDING FHFA LEGAL EXPENSES
12/21/11 < Read more > -
LETTER TO CFTC CHAIRMAN GENSLER REGARDING MF GLOBAL
11/29/11On October 31, 2011, MF Global, a commodities broker and securities broker-dealer, filed for bankruptcy. This led to thousands of frozen customer accounts, some of who are small business owners now unable to hedge their positions against price fluctuation< Read more > -
LETTER TO CFPB ON FUNDS FROM THE FEDERAL RESERVE
11/22/11Today, I wrote a letter to Mr. Raj Date, Special Advisory to the Secretary of the Treasury at the Consumer Financial Protection Bureau (CFPB) requesting a detailed account of how the CFPB has spent the funds which have been transferred to it by the Federa< Read more > -
LETTER TO FHFA DIRECTOR DEMARCO ON FANNIE EXPENSES
11/03/11After reviewing reports that detail the "general" and "administrative" expenses of Fannie Mae and Freddie Mac, I am concerned that Fannie and Freddie are spending money in ways and at levels that do not further the purposes of their conservatorships. On N< Read more > -
NEUGEBAUER LETTER TO FHFA DIRECTOR EDWARD DEMARCO ABOUT THE PRESIDENT'S HOME REFINANCING PLAN
10/24/11On October 21, 2011, I sent a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), requesting that he detail the involvement of Freddie Mac and Fannie Mae--which his agency oversees--with the mortgage refinancing initiat< Read more > -
NEUGEBAUER LETTER TO FHFA ACTING DIRECTOR EDWARD DEMARCO
10/17/11On October 13, 2011, I sent a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency, the conservator of Fannie Mae and Freddie Mac, expressing my concerns with the expenditures that Fannie and Freddie made in sending 87 employees< Read more > -
NEUGEBAUER OPENING STATEMENT: POTENTIAL CONFLICTS OF INTEREST AT THE SEC: THE BECKER CASE
09/22/11Thank you for attending this very important hearing, which will examine the S.E.C.'s handling of a conflict of interest regarding David Becker, the former General Counsel at the S.E.C. The Becker matter raises serious questions about the leadership of< Read more > -
NEUGEBAUER OPENING STATEMENT - FIXING THE WATCHDOG: LEGISLATIVE PROPOSALS TO IMPROVE AND ENHANCE THE SECURITIES AND EXCHANGE COMMISSION
09/15/11Thank you, Chairman Bachus, for holding this important hearing, and I thank the witnesses for being here today to testify and work with us as we look for ways to strength the Securities and Exchange Commission.< Read more > -
FINANCIAL SERVICES LETTER TO TREASURY SECRETARY TIMOTHY GEITHNER
09/09/11Yesterday, my Republican colleagues on the House Financial Services Committee and I sent a letter to Treasury Secretary Timothy Geithner asking him to provide the Committee with a report on what the Financial Stability Oversight Council (FSOC) is doing to< Read more > -
NEUGEBAUER OPENING STATEMENT - COMBATING TERRORISM POST-9/11: OVERSIGHT OF THE OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE
09/06/11I want to thank the Members and Assistant Secretary Glaser for joining us at this important field hearing at a time of reflection and remembrance for our nation. I would also like to express our sincere gratitude on behalf of the American people for all o< Read more > -
FOLLOW-UP LETTER TO FHFA
08/05/11 < Read more > -
NEUGEBAUER OPENING STATEMENT - OVERSIGHT OF THE CREDIT RATING AGENCIES POST-DODD-FRANK
07/27/11Just as Dodd-Frank perpetuates Too Big to Fail' - a fact acknowledged and affirmed by Moody's, S&P and Fitch through ratings enhancements for systemic firms- the Act perpetuates the market share stranglehold of the big 3 credit rating agencies by< Read more > -
NEUGEBAUER OPENING STATEMENT - OVERSIGHT OF THE OFFICE OF FINANCIAL RESEARCH AND THE FINANCIAL STABILITY OVERSIGHT COUNCIL
07/14/11As you all know, when you construct a puzzle it is best to lay all the pieces out on a table and use the picture printed on the box as a guide. When discussing implementation of Dodd-Frank I like to use the construction of a puzzle as an analogy. You can< Read more > -
NEUGEBAUER OPENING STATEMENT - FSC FULL COMMITTEE HEARING, FINANCIAL REGULATORY REFORM: THE INTERNATIONAL CONTEXT
06/16/11Thank you for appearing at this hearing. As we examine the international implications of the Dodd-Frank Act, I cannot help but recall the movie "Field of Dreams." In that movie Kevin Costner, playing the role of a farmer struggling to save his farm hears voices telling him: "If you build it they will come." At the risk of making his financial predicament even worse than it is, he listens to the voices and plows under his corn field and builds a baseball field so that the ghosts of baseball legends can come and play. In the end people come from miles around to see the ghosts and the presumption at the end of the movie is that the farm is saved. Unfortunately, the Democratic version of this movie does not have a similar happy ending.< Read more > -
NEUGEBAUER OPENING STATEMENT - THE STANFORD PONZI SCHEME: LESSONS FOR PROTECTING INVESTORS FROM THE NEXT SECURITIES FRAUD
05/13/11Today we are holding an important hearing on the Stanford Ponzi scheme. This case represents a massive failure by the SEC and FINRA to carry out their central missions of investor protection. Sadly, these failures allowed Allen Stanford to defraud investors out of $7.2 billion, which resulted in thousands of shattered lives. Stanford's victims deserve to know how such a colossal failure could have taken place. It is also incumbent upon this Committee to work with today's panelists to ensure that this never happens again.< Read more > -
NEUGEBAUER OPENING STATEMENT - THE COSTS OF IMPLEMENTING THE DODD-FRANK ACT
03/30/11Thank all of you for attending this important hearing to analyze the costs related to the Dodd-Frank Act, which as you all know is the most sweeping and far-reaching financial reform legislation since the great depression. To give you an idea of the immensity of this bill; if you were to stack the Securities and Exchange Act of 1933, the Securities Exchange Act of 1934, the Gramm Leach Bliley Act, the Sarbanes-Oxley Act, and all of the amendments tacked on to those acts, you would still need 600 pages to equate the Dodd-Frank Act.< Read more > -
NEUGEBAUER OPENING STATEMENT - AN ANALYSIS OF THE POST-CONSERVATORSHIP LEGAL EXPENSES OF FANNIE MAE AND FREDDIE MAC
03/30/11Since September 7, 2008 the U.S. taxpayers have sunk $153 billion into Fannie Mae and Freddie Mac. And according to Federal Housing Finance Agency (FHFA) the final tab could be as high as $363 billion! As if the news couldn't get any worse for the American people, an investigation undertaken by this Subcommittee has discovered that the taxpayers have spent more than $162 million defending Fannie, Freddie and their former top executives in civil lawsuits accusing them of fraud. This includes over tens of millions dollars for former executives who knowingly and purposefully manipulated earnings to increase their own compensation, and whose actions directly contributed to the demise of the GSEs.??< Read more >