Frankly Speaking - Financial Services Committee
I am sure that many of you have heard the phrase “mark-to-market” floated around recently. Mark-to-market is an accounting practice, instituted by the Federal Accounting Standards Board (FASB), that requires financial institutions to price an asset according to current market price, also known as fair value. The procedure was set up to create market-based information for investors regarding the current price of assets and implemented Financial Accounting Standard No. 157 in 2006 at the onset of the turmoil in our financial markets.Filed under: Financial Services Committee
Yesterday, Congress passed H.R. 1106, the Helping Families Save Their Homes Act. Supporters hope this legislation will restore liquidity in the housing market and assist those homeowners who are in foreclosure. While this is a lofty goal, the bill just passed may not achieve it.
There are certain aspects of the bill that I can support. For example, permanently raising the FDIC insurance limit from $100,000 to $250,000 will provide additional assurances that our banks are safe, which will encourage investment.Filed under: Financial Services Committee
Today, I joined my fellow Financial Services Committee members in a letter to Speaker Pelosi and Leader Boehner to request that some of the unnecessary and duplicative spending programs relating to housing be removed from the economic stimulus package.Filed under: Financial Services Committee
Many of you have been hearing the word “change” thrown around by presidential campaigns recently, but I want you to think about the change in your pocket. Initially, a coin’s worth determined their shape and size, meaning that a 5 cent piece was made of 5 cents worth of silver. In the late 1800s, Congress, pressured by the nickel lobby, discontinued the silver 5 cent piece, commonly referred to as the half-dime, and began minting a 5 cent piece made of nickel. Over time, inflation and the rising cost of nickel has made the nickel not cost efficient. Currently, the cost to make and shipFiled under: Financial Services Committee