At a hearing that led Ranking Member Brown (D-OH) politely to question the political independence of the witnesses, Senate Banking today heard from FRB Gov. Powell, Acting Comptroller Noreika, FDIC Chairman Gruenberg, NCUA Acting Chairman McWatters, and a witnesses for state bank supervisors, Commissioner Cooper. Chairman Crapo (R-ID) reiterated his plans to advance bipartisan legislation on issues such as community-bank reform and tailoring, closing today’s session by asking witnesses quickly to respond to outstanding questions because he plans rapid legislative action. As detailed in this report, Messrs. Powell and Noreika laid out many areas in which they agreed with Treasury’s recommendations to reverse key planks in the U.S. post-crisis framework.
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