Two pieces of good news for bankers from Capitol Hill;
FCS
'Horizons Project' killed; Housing rescue package passed
May 9 - Yesterday
on Capitol Hill, progress on two bills was good news for the banking
industry. First, the Farm Credit System was not given any further
lending authority under a new bill negotiated between House and Senate
Farm Bill negotiators. That very good news caps a more than two-year campaign
to thwart the FCS's expansionist game plan known as the Horizons
Project. It also constitutes a major victory for ABA, its grassroots
bankers and state bankers association allies who have been unrelenting
in their efforts to keep first the House version, then the Senate
version and now the final version of the Farm Bill free from FCS
measures. The House and Senate are expected to pass the Farm Bill next
week, despite the threat of a presidential veto. ABA experts will be
analyzing the massive legislation to produce a meaningful summary for
members.
Read a fact sheet on the Farm Bill.
Secondly, the House
yesterday passed an omnibus housing package -- the American Housing
Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221) -- that
includes Financial Services Committee Chairman Barney Frank's
(D-Mass.) legislation that would allow the Federal Housing
Administration to refinance up to $300 billion in new guarantees for
troubled subprime mortgage loans.
The omnibus package includes two
previously-passed measures that ABA
has long supported that would modernize the FHA, and strengthen
regulation of the government-sponsored enterprises -- Fannie Mae,
Freddie Mac and the Federal Home Loan Banks.
Read a housing package summary.
For more information, contact ABA's
Joe
Pigg.
MBA Convention
starts Wednesday - register now!
Visit our 'Conventions' page for
information about our MBA Trade Show May 14-15 and our MBA Annual Convention May 14-18.
If you have hotel
reservations that you no longer need, please call the MBA and turn the
rooms over to us so that we may help bankers on our waiting list.
Contact
Amy
Davis with questions.
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