McWatters, Financial Regulators to Testify June 22
Acting NCUA Chairman and other financial regulators are slated to testify before the Senate Banking Committee on June 22 in the panel’s next hearing on how to redesign the financial regulatory regime.
It will be the third hearing the committee holds on the issue. The first featured community bankers and credit unions. On Thursday, the panel heard from representatives of mid-size, regional and large financial institutions.
On June 22, in addition to McWatters, the panel will hear from:
- Jerome Powell, a member of the Federal Reserve Board of Governors;
- Martin Gruenberg, chairman of the FDIC;
- Keith Noreika, acting comptroller of the currency;
- Charles Cooper, the commissioner of the Texas Department of Banking, who will represent the Conference of State Bank Supervisors.
During Thursday’s hearing, Banking Committee Chairman Mike Crapo (R-Id.) reiterated his desire to craft a bipartisan approach to any overhaul of Dodd-Frank.
“As this process continues, I look forward to working with all members of the Committee from both sides of the aisle to bring strong, robust bipartisan legislation forward,” he said.
That stands in stark contrast to the House, where Financial Services Chairman Jeb Hensarling’s (R-Texas) pushed his Financial CHOICE Act through the House with no Democratic support.
On Thursday, Senate Banking ranking Democrat Sherrod Brown of Ohio defended Dodd-Frank, saying critics have said that that bill was too partisan.
“Wall Street reform’s opponents accuse the law of being too partisan, despite the fact that it received Republican votes in both the House and Senate and included 15 Republican-sponsored floor amendments,” he said. “And they say that it was not well conceived, when we held more than 30 committee hearings and Chairman Dodd spent months discussing the bill with Republicans on the committee.”
Brown was drawing a comparison to the Senate GOP’s Obamacare overhaul, which is being drafted behind closed doors.