Washington, DC (HNN) — Rep. Shelley Moore Capito, R-WV, on Thursday, March 13, 2008 praised Treasury Secretary Henry Paulson and the President’s Working Group on Financial Markets for their move to address needed reforms in the nation’s credit market.
 
“Secretary Paulson’s proposal compliments the efforts of a bipartisan coalition of the House,” said Capito. “We came together last fall to address structural shortfalls with a bipartisan House bill. In many ways, the Secretary’s recommendations echo aspects of our legislation and I’m hopeful that we now have a framework for further discussion.”
 
Capito, the Ranking Member of the House Financial Services Subcommittee on Housing and Community Opportunity, was part of a core group of House negotiators that reached agreement on the Mortgage Reform and Anti-Predatory Lending Act that passed the House in November.
 
“There’s no question that we must take action to ensure that the excesses of recent years are not repeated,” said Capito. “I believe the House bill – and now the Secretary’s recommendations – present an opportunity to move this dialogue forward.”
 
Central to both the Secretary's proposal and the House bill is a move to strengthen oversight of loan originators and provide for strong licensing standards. Each plan also emphasizes the need for transparency within the credit market as an important protection for consumers and investors.