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Bachus Statement On Financial Services Product Approval Agency


WASHINGTON, Oct 9 -

Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today regarding the President's speech on the proposed Financial Services Product Approval Agency.

"The Obama Administration and House Democrats have proposed creating a massive new government bureaucracy with unrestrained power to ration credit and undermine personal choice. In addition, the proposed legislation takes the dangerous step of separating consumer protection from safety and soundness regulation.  House Republicans have proposed alternatives that enhance consumer protections without restricting credit availability and increasing taxes on small businesses in the midst of a severe credit crunch."