- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement after the Obama administration eliminated limits on the bailouts of Fannie Mae and Freddie Mac. "The timing of this Executive Order giving Fannie and Freddie a blank check is no coincidence. Obviously the Administration knows that this is bad policy as evidenced… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding H.R. 4173, a bill passed today by the majority Democrats that would make federal bailouts of failed non-bank financial companies permanent. Ranking Member Bachus said, "This was a missed opportunity to end the bailouts, terminate TARP, and stop picking… Read more »
December 9, 2009 TARP Is Not Making A Profit For Taxpayers. To date, the Treasury Department has received around $13 billion from interest and dividend payments, the sale value of stock and the sale of stock warrants for the government's financial interventions using the TARP program, and Treasury projecting that number to increase to at least $19 billion. But that hardly… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding the Obama Administration's plan to divert TARP money to fund its political priorities. Ranking Member Bachus said, "President Obama's plan to use TARP to fund more government spending violates the intent of the law, does nothing to create jobs, and further… Read more »
-- In response to a letter from Financial Services Committee Ranking Member Spencer Bachus regarding Internet gambling, the Federal Bureau of Investigation (FBI) rejects vendors' claim that age verification software can adequately prevent children from online gambling. The FBI also warns that technology exists to facilitate undetectable manipulation of online poker games and that… Read more »
UIGEA Continues To Be Needed To Protect America's Youth - Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement during a full Committee hearing on illegal Internet gambling. "As we all know, Chairman Frank and I approach this very differently. He wants to legalize Internet gambling and then tax it. On the… Read more »
December 2, 2009 - Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding Committee passage of the Democrats' H.R. 3996, the so-called "Financial Stability Improvement Act." "The debate was a clear choice between ending the bailouts and creating a permanent bailout regime. I'm disappointed… Read more »
- More than a month after Treasury Secretary Tim Geithner submitted legislative language to Congress to improve the stability of the financial system, he has failed to provide responses to a number of fundamental questions Ranking Member Spencer Bachus sent to him after the October 29th hearing of the Financial Services Committee on the Administration's proposal. The questions were… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, requested information from Treasury Secretary Tim Geithner regarding the disparate treatment of U.S. banks and foreign institutions by insurance giant American International Group (AIG). In March, Bachus urged Financial Services Committee Chairman Barney Frank to convene hearings in order to obtain… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today during Committee consideration of an amendment offered by Rep. Ron Paul (R-TX) that would subject the Federal Reserve to audits by the Government Accountability Office (GAO): "Mr. Chairman, I strongly support the amendment offered by the gentleman from… Read more »
