Spearheaded by Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, and Congressman Rodney Frelinghuysen, 61 Members of Congress today urged President Bush to help senior citizens whose retirement accounts have been hit by market losses this year. The President will reportedly sign a pension bill suspending the minimum distribution requirement for retirement… Read more »
Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, made the following statement regarding the Bianco Research report that the Capital Purchase Program authorized under TARP has yielded an initial profit for taxpayers of almost eight billion dollars to date: “While this is only one study that tries to calculate the potential profits under the Capital… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, urged Chairman Barney Frank in a letter today to convene hearings on the role and growth of derivatives, including credit default swaps, in the capital markets. Ranking Member Bachus stated that, “The Committee on Financial Services is well-positioned to oversee the development of sensible… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, sent the following letter to the Federal Deposit Insurance Corporation (FDIC) requesting the status of the agency’s review of the pending Industrial Loan Company (ILC) applications submitted by Chrysler Financial and Ford Motor Credit. Ranking Member Bachus stated, “As you know, several… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, urged Chairman Barney Frank in a letter today to convene hearings on the alleged $50 billion Ponzi scheme committed by Bernard Madoff, a former Chairman of the Board of the NASDAQ Stock Market. Ranking Member Bachus said, “Obviously there was a failure of regulatory oversight. Every day brings… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, applauded the Federal Reserve action today to lower the interest rate they pay on required and excess reserve balances. Ranking Member Bachus said, "Last week I wrote to the Federal Reserve asking them to reexamine their policy because of my concern that it may be discouraging banks from lending.… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, sent the attached letter to the Federal Reserve to inquire as to whether the new rules allowing it to pay interest on member banks' required reserves are counterproductive. In his letter Ranking Member Bachus asked whether "the statutory provision [in the Emergency Economic Stabilization Act]… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, released the following statement today regarding the auto industry bail out proposal. “Because of the complexities of the legislation we are considering, it should be published at least 24 hours before any congressional vote. While we realize the magnitude of the economic challenges facing the… Read more »
Ranking Member Spencer Bachus made the following statement today following reports in The Washington Post and CBS's 60 Minutes about illegal Internet gambling. "My concern is for our youth who are subject to becoming addicted to gambling at an early age. If you put a computer in a teenager's bedroom, or in a student's dorm room at college, it's a temptation that many fall prey to.… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, made the following statement after Federal regulators announced steps to help Citigroup. Ranking Member Bachus said, "Tonight's announcement of the Citigroup intervention underscores what has been known for some time-that the amount of troubled assets on the books of Citigroup is problematic. … Read more »
