The full committee of the House Financial Services Committee will hold a markup of the United States Covered Bonds Act of 2011 tomorrow (Wednesday).

The Capital Markets & Government Sponsored Enterprises subcommittee passed the bill on 3 May, following an earlier hearing on the proposed legislation in March.

The bill (HR 940) has been sponsored by Republican Scott Garrett, who chairs that subcommittee, and Democrat Carolyn Maloney.

The full HFSC is chaired by Republican Spencer Bachus, who co-sponsored a previous iteration of the bill, of which there have been several proposed by Garrett. Bachus took over chairmanship of the committee from Democrat Barney Frank after mid-term elections in November 2010.

The full committee passed the US Covered Bond Act of 2010 (HR 5823) in July 2010, voting to send it to the full House after a markup session, but that bill made no further progress.

In mid-March Democrat Senator Charles Schumer said that he was considering introducing a covered bond bill in the Senate.