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Two Hearings Last Week in Financial Services Committee

WASHINGTON-The House Financial Services Committee held a hearing last week on the financial critical infrastructure protection, while the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises was slated after press time for a hearing on abusive products sold to members of the military. Since Sept. 11, when the financial...

By Staff Writer | Updated on September 14, 2004

WASHINGTON-The House Financial Services Committee held a hearing last week on the financial critical infrastructure protection, while the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises was slated after press time for a hearing on abusive products sold to members of the military. Since Sept. 11, when the financial markets had to be shut down for several days after the terrorist attacks, the government and private sector are working to help ensure that doesn’t happen again. “Our nation is home to the greatest financial system in the world,” House Financial Services Committee Chairman Mike Oxley (R-Ohio) said. “We must continually evaluate protections that have been achieved and what more can be done to avoid systemic threats.” Testimony during the hearing came from witnesses in government as well as representatives from the New York Stock Exchange, banks and others. The Capital Markets subcommittee was scheduled to have a hearing last Thursday, entitled “G.I. Finances: Protecting Those Who Protect Us.” It was called to focus on allegedly abusive practices in the sales of financial products, such as insurance, to military personnel. “Congress has the highest obligation to make sure that the very best of our citizens – America’s men and women in uniform – are receiving the best and most honest financial advice,” subcommittee Chairman Richard Baker (R-La.) said. “The very idea of trying to peddle to them products that would be objectionable to the civilian population is really almost too offensive for words.”

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