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S. HRG. 108–834

OVERSIGHT OF
THE FEDERAL HOME LOAN BANK SYSTEM

HEARING

BEFORE THE

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS

OF THE

COMMITTEE ON
BANKING, HOUSING, AND URBAN AFFAIRS

UNITED STATES SENATE

ONE HUNDRED EIGHTH CONGRESS

FIRST SESSION

ON

THE OPERATIONS OF THE FEDERAL HOME LOAN BANK SYSTEM, FO-

CUSING ON THE RESPONSIBILITY THAT CONGRESS HAS PLACED
WITH THE FEDERAL HOME LOAN BANKS TO ENHANCE THE LIQUID-
ITY OF FINANCIAL INSTITUTIONS, PARTICULARLY AS THE FEDERAL
HOME LOAN BANK MEMBERS MEET SUCH COMMUNITY NEEDS AS
PROMOTING HOMEOWNERSHIP

LIBRARY OF CONGRESS

SEPTEMBER 9, 2003

AUCO 5.2005

Printed for the use of the Committee on Banking, Housing, cand Urban Affairs

NSFER

Available at: http://www.access.gpo.gov/senate/senate05sh.html

U.S. GOVERNMENT PRINTING OFFICE

21-384 PDF

WASHINGTON : 2005

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LIBRARY OF CONGRESS

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

RICHARD C. SHELBY, Alabama, Chairman ROBERT F. BENNETT, Utah

PAUL S. SARBANES, Maryland WAYNE ALLARD, Colorado

CHRISTOPHER J. DODD, Connecticut MICHAEL B. ENZI, Wyoming

TIM JOHNSON, South Dakota CHUCK HAGEL, Nebraska

JACK REED, Rhode Island RICK SANTORUM, Pennsylvania

CHARLES E. SCHUMER, New York JIM BUNNING, Kentucky

EVAN BAYH, Indiana MIKE CRAPO, Idaho

ZELL MILLER, Georgia JOHN E. SUNUNU, New Hampshire

THOMAS R. CARPER, Delaware ELIZABETH DOLE, North Carolina

DEBBIE STABENOW, Michigan
LINCOLN D. CHAFEE, Rhode Island

JON S. CORZINE, New Jersey
KATHLEEN L. CASEY, Staff Director and Counsel
STEVEN B. HARRIS, Democratic Staff Director and Chief Counsel

SARAH A. KLINE, Democratic Counsel

JONATHAN MILLER, Democratic Professional Staff
JOSEPH R. KOLINSKI, Chief Clerk and Computer Systems Administrator

GEORGE E. WHITTLE, Editor

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS

ROBERT F. BENNETT, Utah, Chairman

TIM JOHNSON, South Dakota, Ranking Member ELIZABETH DOLE, North Carolina

ZELL MILLER, Georgia LINCOLN D. CHAFEE, Rhode Island

THOMAS R. CARPER, Delaware WAYNE ALLARD, Colorado

CHRISTOPHER J. DODD, Connecticut RICK SANTORUM, Pennsylvania

JACK REED, Rhode Island CHUCK HAGEL, Nebraska

EVAN BAYH, Indiana JIM BUNNING, Kentucky

DEBBIE STABENOW, Michigan
MIKE CRAPO, Idaho

MICHAEL NIELSEN, Staff Director
NAOMI CAMPER, Democratic Legislative Assistant

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OVERSIGHT OF THE FEDERAL HOME LOAN BANK SYSTEM

TUESDAY, SEPTEMBER 9, 2003

U.S. SENATE, SUBCOMMITTEE ON FINANCIAL INSTITUTIONS, COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS,

Washington, DC. The Subcommittee met at 2:05 p.m., in room SD-538, Dirksen Senate Office Building, Senator Robert F. Bennett (Chairman of the Subcommittee) presiding.

OPENING STATEMENT OF SENATOR ROBERT F. BENNETT Senator BENNETT. The hearing will come to order. We appreciate the witnesses' being here and look forward to hearing their testimony, and making this a worthwhile hearing.

One of the fundamental roles of Congress and this Subcommittee is to provide periodic oversight, and that is why we are here today. We have no specific legislation before us. But it has been a considerable amount of time since Congress or the Banking Committee has held an oversight hearing on the Home Loan Bank System, and we recognize that periodic oversight helps keep houses in order.

President Eisenhower, when he was a general, used to say that areas that are not periodically inspected tend to deteriorate. Those of us who have been in the military know what periodic inspections are like, and we do not want to make this hearing quite like that.

This is not to say that this particular house is not in order or that it has tended to deteriorate. But we have not looked at any part of the Home Loan Bank System since Gramm-Leach-Bliley where we made adjustments to the membership rules, collateral options for advances, and the capital requirements of the System. Since Gramm-Leach-Bliley, our banking and finance system has continued to evolve to meet the demands of an important and ever changing marketplace.

We have had consolidations that have brought efficiencies and synergies that have undoubtedly played a major part in the sustained success we have been experiencing in the housing and housing financing market. I believe the Home Loan Banks, along with the other housing GSE's, have played a vital role in funding this growth.

My own State of Utah is a net borrower. Utah's future housing growth and economic vitality depends upon the capital that can come partly from Home Loan Banks and others that can access Wall Street and bring investment to my State. The role of the

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