S. HRG. 108-834 OVERSIGHT OF EDERAL HOME LOAN BANK SYSTEM HEARING BEFORE THE MITTEE ON FINANCIAL INSTITUTIONS OF THE COMMITTEE ON G, HOUSING, AND URBAN AFFAIRS ONE HUNDRED EIGHTH CONGRESS FIRST SESSION ON ONS OF THE FEDERAL HOME LOAN BANK SYSTEM, FO- ROBERT F. BENNETT, Utah JOHN E. SUNUNU, New Hampshire PAUL S. SARBANES, Maryland CHRISTOPHER J. DODD, Connecticut JACK REED, Rhode Island CHARLES E. SCHUMER, New York EVAN BAYH, Indiana ZELL MILLER, Georgia THOMAS R. CARPER, Delaware DEBBIE STABENOW, Michigan KATHLEEN L. CASEY, Staff Director and Counsel JONATHAN MILLER, Democratic Professional Staff JOSEPH R. KOLINSKI, Chief Clerk and Computer Systems Administrator ton, Vice President, Federal Home Loan Bank of Atlanta, atement written questions of Senator Sarbanes 100 atement ngway, Director, Federal Home Loan Bank of Seattle, Execu- W. Snow, Secretary, U.S. Department of the Treasury from RA OVERSIGHT OF DERAL HOME LOAN BANK SYSTEM TUESDAY, SEPTEMBER 9, 2003 U.S. SENATE, EE ON FINANCIAL INSTITUTIONS, COMMITTEE ON Washington, DC. mittee met at 2:05 p.m., in room SD-538, Dirksen Building, Senator Robert F. Bennett (Chairman of ttee) presiding. STATEMENT OF SENATOR ROBERT F. BENNETT NETT. The hearing will come to order. We appreciate being here and look forward to hearing their testiking this a worthwhile hearing. undamental roles of Congress and this Subcommittee periodic oversight, and that is why we are here today. pecific legislation before us. But it has been a considt of time since Congress or the Banking Committee oversight hearing on the Home Loan Bank System, gnize that periodic oversight helps keep houses in isenhower, when he was a general, used to say that e not periodically inspected tend to deteriorate. Those e been in the military know what periodic inspections we do not want to make this hearing quite like that. to say that this particular house is not in order or ended to deteriorate. But we have not looked at any Home Loan Bank System since Gramm-Leach-Bliley de adjustments to the membership rules, collateral Ivances, and the capital requirements of the System. -Leach-Bliley, our banking and finance system has evolve to meet the demands of an important and ever ketplace. ad consolidations that have brought efficiencies and t have undoubtedly played a major part in the suss we have been experiencing in the housing and housmarket. I believe the Home Loan Banks, along with using GSE's, have played a vital role in funding this ate of Utah is a net borrower. Utah's future housing economic vitality depends upon the capital that can from Home Loan Banks and others that can access and bring investment to my State. The role of the (1) BRA RA HE ES |