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When the 112th Congress convenes in January, banking issues will remain on the front-burner. But with anticipated key changes in the leadership of the banking committees in the House and Senate following the mid-term elections, the substantial reforms enacted during the 111th Congress will be implemented under the watchful eye of a very different Congress.
Venable partner Bill Donovan discussed these and other issues in a recent article that appeared in BNA's Banking Journal. He begins by focusing on the Senate Banking Committee and the potential impact of upcoming changes among committee members following the retirements of Chairman Chris Dodd (D-Conn.) and committee members Evan Bayh (D-Ind.), Jim Bunning (R-Ky.) and Judd Gregg (R-N.H.), as well as Sen. Robert Bennett's (R-Utah) defeat in his primary bid for re-election.
Donovan noted that regardless of whether the new chairman is a Democrat or Republican, "the Committee agenda will be set by someone with a more business oriented, hands-off philosophy than was the case these past four years." Donovan continued on to say that these changes could also impact appointments at several key financial services regulatory agencies, including the Federal Reserve and the recently created Consumer Financial Protection Bureau.
He also discussed the anticipated change in the leadership of the House Financial Services Committee, which will likely be held by Alabama Republican Spencer Bachus.
Donovan concluded by outlining several top issues, including how Congress may handle reforms to the Dodd-Frank Act, what it may do with government-sponsored enterprises such as Fannie Mae and Freddie Mac, FHA reform, the National Flood Insurance Program and a potential reassessment of the Community Reinvestment Act.
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