Covered Bond Legislation Passed by the House Financial Services Committee

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On July 28, 2010, the Financial Services Committee of the U.S. House of Representatives voted to send a covered bond bill to the full House. This is a significant step in the legislative process. The starting point for the Committee deliberations was legislation1 introduced by Representative Scott Garrett (R-NJ) on July 22, 2010. This was the fifth time that Rep. Garrett has introduced legislation to establish a statutory framework for U.S. banks to issue covered bonds.2 The legislation is similar to legislation Rep. Garrett introduced in March, with some changes to accommodate concerns that were raised during the Joint Congressional Hearings on the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).3 At a markup hearing on July 28 before the House Financial Services Committee, there were a number of amendments to the bill that made some additional significant changes.

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