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What financial area -- the new congress focused on -- has selling as the new chairman of the house financial services committee -- hasn't ambitious agenda.
Fox Business senior correspondent -- gasoline -- with.
As you know to go for Spencer Bachus this year isn't used to new chairman the house financial services committee obviously -- quote controlled by Republicans and Republican controlled house.
And lyrics three major areas that they're gonna look at they're gonna look at this I believe two hearings.
Should point out that -- to thousands Humphrey Hawkins testimony to gets that from yeah thank you and that's gonna play into this number one.
They did I anymore though they remained -- react I currently show up -- -- -- -- our congressional if -- -- yeah much credit showdown calculation might and I actually remember the Humphrey Hawkins testimony but it.
-- -- -- Three main areas of reform and I think in this -- this is the way they're gonna go -- in this sort of in this sequence.
Housing reform ending too big to fail at least keeping the pressure on the various regulators to and too big to fail.
And the -- Okay let's go through each one of the housing reform I can tell you this -- people these -- people that it that spoken Angeline.
He's very worried about a bailout and -- Federal Housing Administration as you know we bailed out Freddie.
Bailed -- Fannie apparently -- Federal Housing Administration is below its capital requirements it's been -- for four years.
You can see some some talk coming out of this committee about somehow -- to shore up that capital -- to do something with the federal housing administration the second thing is.
Obviously we're gonna they're gonna talk about -- too big to fail Heidi do that I think you're gonna see the treasury up there you know they're gonna they're gonna they're gonna do some hearings -- some letters.
About how we can reign that in and third spot.
And this is what I think is uninteresting.
Is the Fed and in a focus on listen -- if you know anything about Angeline used to be staffer for senator Phil Gramm one of the great free market.
Politicians in the in the country.
And that means said Jim -- -- is a free marketeers.
One of the things I think that -- counseling is sort of against is the notion that the Fed itself should be propping up this economy that you know when there's really nothing.
There's an absence of sort of any sort of concerted effort on the fit on the fiscal side.
To get it -- to get the economy and we at present volatile what reason taxes not really do anything more than these -- bland stimulus efforts -- obviously not working.
But he got the Fed in the end the Fed keeps keeps interest rates at zero and by doing these gentlemen that's -- -- the market's going to 141000 its interest rates and it just about that that's just about it.
So those are the areas he's gonna focus on.
As I said before then of course what Humphrey Hawkins -- he gets two cracks at Bernanke.
I believe a year Bernanke is probably gonna spend the rest of the year in that position and then he's he's he's apparently been telling people -- There's been stuff out there that he may you may leave by the -- names out there Larry Summers -- here's a potential replacement for him.
-- that Janet Yellen the gentleman who runs TA crap I forgot his Frederick admit -- I I can't remember and it don't currently can't.
I don't know I heard -- from GAA cref is got a good shot but in any event.
And I'm usually my my nose is my but he's as good those of them spoke with the traditional I want.
A lot of -- lunch Jack -- and a lot of others -- bodily these these things get swapped in and out.
You have repeatedly but we should point out.
That it doesn't matter -- will come with the same sort of pull tricks of the -- present Bob's gonna points of going to be people that.
Our into the expansion this fiscal policy and obviously want interest rates to zero in the Fed printing money they're gonna have a sort of and about a -- but they're gonna have a case -- of a Burr in the saddle -- -- one of the agency thing is.
I think Spencer Bachus who I really like -- spent tonight I I got them home pretty good during the bailout and financial crisis.
I think he was he he he I think he had a personal relationship -- Bernanke like Bernanke.
I think it's gonna be different here.
I think this is going to be a lot more from when I'm on the -- and we -- -- -- essentially he's given this is going to be much more -- between that committee.
And the Fed -- Try to -- -- hotel -- thanks so much.
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