Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, delivered a public address on Tuesday on the committee’s plan to offer what he terms a bold and better alternative to the Dodd-Frank Act. Hensarling said the controversial Wall Street reform legislation, quote, stands as a monument to the arrogance and hubris of man, close quote. Hensarling has been an outspoken critic of Dodd-Frank since it was passed in 2010.
Hensarling said the alternative to Dodd-Frank proposed by the House committee is pro-growth and pro-consumer and will hold Washington accountable by implementing rigorous cost-benefit tests for every financial institution in order to prevent taxpayer-funded bailouts. Hensarling vowed that the committee’s alternative to Dodd-Frank will toughen penalties for those who defraud consumers and will, quote, help build the healthy and secure financial system Americans deserve. Close quote
GSE shareholder Tim Pagliara, Executive Director of Investors Unite, has filed lawsuits in both Delaware and Virginia state courts seeking access to corporate records relating to the sweeping of Fannie Mae and Freddie Mac profits. The Net Worth Sweep has resulted in several lawsuits from GSE investors, but Pagliara’s lawsuits are the first ones to assert a shareholder’s right to inspect corporate documents under state corporate laws in which Fannie Mae and Freddie Mac each operate.