-- Daniel O’Leary and Joy Wiltermuth
America’s nascent covered bond market is back on the political agenda for 2011, with Rep. Scott Garrett (R-N.J.) introducing legislation this week that could usher in the new asset class.
The United States Covered Bond Act of 2011 was introduced Tuesday. A timeline for the legislation could not be determined. A spokesman for the lawmaker did not respond to emails or phone messages.
Garrett, who is also the ranking member of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, has been a staunch advocate of covered bonds. The lawmaker fought the issue last year on a number of fronts, defending the asset class while testifying before a senate committee in September (TS, 9/14/10). The Federal Depository Insurance Corporation and the....