The House Financial Services Committee has approved legislation aimed to support the growth of the U.S. covered bond market with wide bipartisan support. The bill, named H.R. 940 The United States Covered Bond Act of 2011, passed by a vote of 45-7-3.

The legislation was introduced by Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, and Rep. Carolyn Maloney (D-NY), Ranking Member of the Financial Services Subcommittee on Financial Institutions and Consumer Credit.

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