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Full Committee Hearing
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Municipal Bond Turmoil: Impact on Cities, Towns, and States
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Wednesday, March 12, 2008, 10:00 a.m., 2128 Rayburn House Office Building
Full Committee
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House Financial Services Committee to Examine Municipal Bonds
Cities and towns seriously hit by credit crisis; Committee to Hold Hearing on March 12
Washington, DC—House Financial Services Committee Chairman Barney Frank today announced that the committee will hold a hearing on March 12, 2008, at 10:00 a.m. to examine the impact on state and local governments and other municipal bond issuers as the current credit crisis worsens. At issue is the availability and cost of credit for state and local government as well as non-profit hospitals and universities, and the corresponding impact to the economy if states and local jurisdictions have to eliminate or scale back on needed projects and services. The committee will also examine the extent to which the bond insurance industry contributed to the collapse of the auction-rate securities market and what can be done to aid local jurisdictions.
Specifically, the March 12th hearing will explore the role of the credit rating agencies, the impact of monoline bond insurers and what can be done to protect municipal bond issuers. Of particular concern are the overall economic problems associated with cuts in infrastructure spending or reduced services.
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Witness List & Prepared Testimony:
Panel One
Panel Two
- The Honorable Bill Lockyer, Treasurer, State of California
- The Honorable Robin L. Wiessmann, Treasurer, State of Pennsylvania
- The Honorable Tate Reeves, Treasurer, State of Mississippi
- Mr. Mark Newton, President and Chief Executive Officer, Swedish Covenant Hospital
- Mr. Terry Dillon, Chief Executive Officer, Atlas Excavating on behalf of the National Utility Contractors Association
Panel Three
- Mr. Ajit Jain, Chairman, Berkshire Hathaway Assurance Corporation
- Mr. Séan W. McCarthy, President and Chief Operating Officer, Financial Security Assurance on behalf of the Association of Financial Guaranty Insurers
- Ms. Laura Levenstein, Senior Managing Director, Global Public, Project & Infrastructure Finance Group, Moody’s Investors Service
- Mr. Martin Vogtsberger, Managing Director and Head of Institutional Brokerage, Fifth Third Securities, Inc. on behalf of the Regional Bond Dealers Association
Available Member Statements:
Printed Hearing: 110-99
Related Documents:
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