Tuesday, January 18, 2011

Westmoreland Named to Two Subcommittees on Financial Services

Subcommittees on Financial Institutions and Housing and Insurance Vital to Economic Growth of Georgia

Congressman Lynn Westmoreland today was named to two influential subcommittees on the House Financial Services Committee: the Financial Institutions and Consumer Credit Subcommittee and the Insurance, Housing, and Community Opportunity Subcommittee.

“Georgia is a growing financial center, and it is important we have a conservative voice on the committees that will affect our economic development in the future,” stated Westmoreland. “I’m looking forward to representing the state of Georgia on the Financial Services Committee this Congress and will work hard to bring economic development back to our state.”

The Subcommittee on Financial Institutions and Consumer Credit will have jurisdiction over bank regulations and banking institutions as well as the controversial Consumer Financial Protection Bureau, established under Dodd-Frank. The Subcommittee on Insurance, Housing, and Community Opportunity will have jurisdiction over the housing and real estate sector, as well as insurance institutions.

“Georgia has had more bank failures than any other state in the country since 2008,” stated Westmoreland. “We have also been disproportionately hit by the housing market bust that hit the nation in 2007 and 2008. However, we have a strong economy that can recover from these trials – as long as we continue to have a conservative voice at the table.”

Initial hearings and markups have yet to be set, but please check regularly with http://financialservices.house.gov for updates on committee activities.
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