Magazine article American Banker

Senate Banking Panel to Delay Vote on GSE Reform Bill

Magazine article American Banker

Senate Banking Panel to Delay Vote on GSE Reform Bill

Article excerpt

Byline: Victoria Finkle

WASHINGTON -- The Senate Banking Committee will delay a vote on its highly anticipated legislation to overhaul the housing finance market, a Senate aide confirmed Tuesday morning, just hours before the markup was scheduled to begin.

The panel will still meet on Tuesday, voting on several nominees to the Federal Reserve Board and other agencies, but will only hear opening statements from Senate Banking Committee Chairman Tim Johnson and Sen. Mike Crapo, the panel's top Republican, about the housing finance bill. The panel will then recess for an undetermined amount of time.

"In response to requests from some of the members of the committee, the chairman and ranking Member have agreed to start the markup of S. 1217 tomorrow (following votes on nominees as previously discussed), limit opening statements to just Chairman and Ranking Member, and then recess the markup until a date/time TBA," a committee staffer wrote to Banking Committee members just after midnight on Tuesday, in an email obtained by American Banker. "Other than the votes on nominees, no other votes are expected to take place tomorrow during the executive session."

The email adds: "Thank you everyone for all your hard work so far. While we already have the votes to pass S. 1217, we look forward to working together in the coming days to explore ways to broaden the bipartisan support."

The delay in an actual vote was another twist in the ongoing effort to unwind Fannie Mae and Freddie Mac. …

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