Banking

I’m an active member of the Senate Banking, Housing and Urban Affairs Committee. I’m a member of the Housing, Transportation and Community Development subcommittee, the Financial Institutions subcommittee, and the Securities, Insurance and Investment subcommittee. My priorities within the Banking Committee include:
 

Monitoring the Dodd-Frank law and working aggressively to reign in this enormous overreach of government power.

Re-examining the regulatory structure of the financial services sector to ensure that the philosophy of ‘too big to fail’ and bailout mania both become relics of the past.

Reforming the mortgage finance market, including Fannie Mae, Freddie Mac, the Federal Home Loan Banks and the Federal Housing Administration.

 
As these reform efforts move forward, I’ll remain committed and focused on ensuring that the taxpayers are never again left footing the bill for bad judgments in the financial community


Latest

  • Vitter, Warren Introduce Bailout Prevention Act

    (Washington, D.C.) - U.S. Senators David Vitter (R-La.) and Elizabeth Warren (D-Mass.), members of the Senate Banking Committee, today introduced the Bailout Prevention Act, legislation to halt megabank bailouts during a financial crisis by responsibly limiting the Federal Reserve’s lending authority. It would also close a loophole that creates risk-taking exemptions for megabanks Goldman Sachs and Morgan Stanley.

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  • Vitter, Warren Introduce Fed Accountability Act

    (Washington, D.C.) - U.S. Senators David Vitter (R-La.) and Elizabeth Warren (D-Mass.), members of the Senate Banking Committee, today introduced the Fed Accountability Act, legislation to improve the Federal Reserve’s decision-making process by increasing independence of individual Governors and bringing transparency to votes on enforcement actions over $1 million. The two Senators are also working on legislation to further halt megabank bailouts during a crisis. Vitter has long championed reforms to end the too big to fail mentality and eliminate bailouts for the megabanks.

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  • Vitter Pushes DOJ for Information on HSBC Drug Money Laundering, Tax Evasion

    (Washington, D.C.) - U.S. Senator David Vitter (R-La.), member of the Senate Judiciary Committee, today sent a letter to Attorney General Eric Holder pushing for information regarding alleged tax evasion and money laundering by megabank HSBC in 2012. HSBC was charged with allowing a massive billion dollar money laundering scheme that involved Mexican drug cartels and international terrorist organizations, but was punished with a minor monetary penalty. 

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  • Vitter Asks Lynch To Explain HSBC Drug Money Laundering Agreement

    (Washington, D.C.) - U.S. Senator David Vitter (R-La.), member of the Senate Judiciary Committee, followed up with new questions to U.S. Attorney General nominee Loretta Lynch about an agreement with megabank HSBC. In 2012, HSBC was charged with allowing a massive billion dollar money laundering scheme that involved Mexican drug cartels and international terrorist organizations. Lynch was the U.S. Attorney who chose not to bring any criminal charges, but instead appears to have simply accepted a monetary penalty.

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  • Vitter: Vote on AG Nominee Delayed Amid New Revelations of Involvement in Drug Money Laundering Settlement

    (Washington, D.C.) - U.S. Senator David Vitter (R-La.), member of the Senate Judiciary Committee, today brought forward more information about U.S. Attorney General nominee Loretta Lynch’s involvement in a settlement agreement with megabank HSBC. In 2012, HSBC was charged with allowing a massive billion dollar money laundering scheme that involved Mexican drug cartels and international terrorist organizations. 

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  • Vitter Pushes Nuclear Accountability for Iran, Israel’s Right to Defend

    (Washington, D.C.) - U.S. Senator David Vitter (R-La.), a member of the Senate Banking Committee, today passed two amendments to strengthen the Nuclear Weapon Free Iran Act of 2015. His first amendment asserts Israel’s Right to Defend itself as a democratic, Jewish State. He also introduced an amendment to press the administration on the inadequacies of verifying a security agreement and ensuring Iran’s commitment. Both amendments passed the Banking Committee unanimously.

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  • Corker and Vitter Call on Administration to Protect Taxpayers and Reconsider Recent FHA Decision

    WASHINGTON - U.S. Senators Bob Corker (R-Tenn.) and David Vitter (R-La.), members of the Senate Banking, Housing and Urban Affairs Committee, today sent a letter to U.S. Department of Housing and Urban Development Secretary Julian Castro asking the administration to reconsider its recent decision to reduce annual insurance premiums for mortgages insured by the Federal Housing Administration (FHA).

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