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Washington, DC--The Massachusetts Congressional delegation now has three members on the Financial Services Committee of the U.S. House of Representatives, as a result of decisions this week by the House Democratic Caucus.
Rep. Stephen Lynch (MA-9) joins returning committee member Rep. Mike Capuano, (MA-8) and the Committee’s newly appointed Ranking Member Barney Frank (MA-4). As Ranking Member, the Committee’s highest-ranking Democrat, Rep. Frank was pleased to welcome Rep. Lynch to the committee and noted that the people of Massachusetts will benefit greatly from having three members of its delegation handling issues that affect millions of tenants, property owners, and consumers, as well as the state’s many financial companies.
"These appointments come at a particularly important time for Massachusetts, which is facing an unprecedented housing crisis," Rep. Frank said.
The Committee oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs under its jurisdiction, as well as the agencies that administer them. These include the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, the government sponsored enterprises known as Fannie Mae and Freddie Mac, as well as agencies engaged in international development and finance such as the World Bank and the International Monetary Fund.
In addition, the Committee ensures enforcement of landmark housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws. The Committee was responsible last year for creation of the landmark Sarbanes-Oxley Act, which instituted corporate reforms in the wake of numerous corporate accounting scandals.
These appointments complete the 70-member committee consisting of 33 Democrats, including Independent Rep. Bernie Sanders of Vermont who caucuses with the Democrats, and 37 Republicans.
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