Press Releases

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  • Bachus, Frelinghuysen Announce 61 Members of Congress Ask President for Senior Retirement Savings Relief
    Dec 19, 2008 - 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 repor... More
  • Bachus Statement on TARP
    Dec 18, 2008 - 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 ... More
  • Bachus Calls For Hearings on Derivatives
    Dec 17, 2008 - 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... More
  • Bachus Inquires on Status of Chrysler, Ford ILC Applications
    Dec 17, 2008 - 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 ... More
  • Bachus Urges Hearings on Madoff Allegations
    Dec 17, 2008 - 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 Bach... More
  • Bachus Welcomes Federal Reserve Action to Reduce Interest Rate Paid on Reserve
    Dec 16, 2008 - 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 reexamin... More
  • Bachus Asks Whether Fed's Policy is Discouraging Banks From Lending
    Dec 12, 2008 - 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 aske... More
  • Bachus Urges Legislation Be Published 24 Hours in Advance of Vote
    Dec 10, 2008 - 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 congres... More
  • Bachus Statement on Illegal Internet Gambling
    Dec 1, 2008 - 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 bedroo... More
  • Bachus Statement Regarding Citigroup
    Nov 23, 2008 - 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 t... More