News & Analysis: regulatory legislative and legal

A revised version of the proposed U.S. Covered Bond Act of 2010 — introduced July 22 in the House of Representatives as H.R. 5823 — has been scheduled for markup on July 27 by the House Financial Services Committee (HFSC).

"Well, they were in, and then they were out."

That's how a Client Alert from the Morrison & Foerster law firm described the fate of the covered bond provisions that came close — very close — to inclusion in the final version of the financial service reform bill (June 25).

"The outcome: no statutory framework for covered bonds (yet).  Just one vote short."

In an article for Covered Bond Investor™ last year, Tim Skeet of Bank of America Merrill noted the Danes' distinctive place in the world of covered bonds:

Two witnesses testified in favor of covered bonds as a funding tool for commercial real estate at a hearing held by a subcommittee of the U.S. House Financial Services Committee (HFSC).

The hearing was titled "Commercial Real Estate: A Chicago Perspective on Current Market Challenges and Possible Responses."  It was held May 17 by HFSC's Subcommittee on Oversight and Investigations, chaired by Rep. Dennis Moore (D-KS).