Mike Crapo

The panel later this month will vote on the nomination of Judy Shelton, whose views on certain policy issues have met with skepticism from both Democrats and Republicans.

Some lawmakers fear that when forbearance plans and enhanced unemployment coverage expire, the consequences for mortgage borrowers still affected by the pandemic will be severe.

The Senate Banking Committee chair will work with the heads of other panels in overseeing the $2 trillion stimulus package that Congress passed last month.

The head of the Senate panel overseeing Federal Reserve and Treasury Department efforts to boost the U.S. economy urged the agencies to remember their disclosure requirements.

While analysts agree banks are in better shape than in 2008, lawmakers are dusting off a crisis-era tool used by the Federal Deposit Insurance Corp. to soothe potential liquidity fears during the coronavirus pandemic.

Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.

There is bipartisan agreement in the Senate that Fannie Mae and Freddie Mac are "too big to fail," but some lawmakers are skeptical that a SIFI designation is appropriate.

The administration official will serve a five-year term as Fannie Mae and Freddie Mac's chief regulator.

Lawmakers still have a long way to go before enacting housing finance reform, but the testimony could signal how future legislative talks will play out.

There’s bipartisan consensus that the conservatorships of Fannie Mae and Freddie Mac are unsustainable, but that may not be enough for lawmakers to upend the current system.