Scott Stengel Testimony for Covered Bonds Hearing

This ten-page document is the written testimony prepared by Scott A. Stengel for a hearing on covered bonds scheduled for December 15 by the House Committee on Financial Services.  The title of the hearing was "Covered Bonds: Prospects for a U.S. Market Going Forward."

Stengel, a lawyer, is a partner in the Washington, D.C., office of Orrick, Herrington & Sutcliffe LLP and a member of the Steering Committee for the U.S. Covered Bond Council.   His testimony begins with a short discussion of the advantages of covered bonds and problems in trying to develop a covered bond market in the U.S. in the absence of a legislative framework.  Much of the rest consists of bullet points on specific elements of a proposed framework for U.S. covered bonds that the U.S. Covered Bond Council formally endorses.

To download a PDF of Stengel's written testimony, click on "20091215 Stengel" under "Attachment," below.