U.S. House Panel Approves Measure to Boost Covered Bond Market
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A bill aimed at establishing a viable U.S. covered bond market was among six measures advanced by the House Financial Services Committee.
The committee voted 44-7 today to approve the bill, which would provide a regulatory framework for covered bonds by giving the Treasury Department oversight of the market and creating a separate resolution process in order to bolster investor interest. The bill, if signed into law, could provide a boost to issuers including Bank of America Corp. and JPMorgan Chase & Co.