Press Releases

"Thursday's hearing on mark-to-market accounting, which I first requested last October, will be one of the most important hearings that the Financial Services Committee will hold this year, and it could not be more timely. Last fall, I worked with Congressman Roy Blunt to add a provision to the economic rescue legislation requiring the Securities and Exchange Commission (SEC) to… Read more »

  Today, Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement: "Warren Buffett's recent comments that markets are confused and fearful are right on point. Contributing to the current market confusion and fear is the constant stream of inconsistent, inaccurate and exaggerated statements concerning our economy and financial… Read more »

- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement on the Obama Administration's budget proposal to Congress: "Working-class American families are struggling to make ends meet. And rather than tightening the budget, like families across the nation have been forced to, the Obama Administration's spending priorities call… Read more »

  Throwing Good Taxpayer Money After Bad Will Not Solve Our Economic Problems •  "Bankruptcy cram-down provisions included in this bill will further reward poor decisions made by a small amount of individuals and lenders, while adding uncertainty to the market and increasing mortgage costs for the vast majority of Americans." February 26, 2009 -… Read more »

- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, and Judiciary Committee Ranking Member Lamar Smith (R-TX) have sent a letter to Treasury Secretary Timothy Geithner raising concerns about the Obama administration's plan to allow judicial modifications of home mortgages during bankruptcy. Ranking Members Bachus and Smith were joined in sending… Read more »

- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement following President Barack Obama's speech laying out his administration's plan to address the housing crisis: "I applaud the president for his commitment to help keep American families in their homes. However, I strongly urge him to ensure that borrowers and lenders who… Read more »

Full of Non-Stimulative Wasteful Washington Spending, Measure Relies Entirely on Borrowing "The decisions we make today have long-term consequences. Today we are being rushed to make atrillion-dollar decision that will affect every American taxpayer for decades" - Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, released this statement… Read more »

Calls for Government Intervention ‘Exit Strategy' - Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement regarding Treasury Secretary Timothy Geithner's speech on the Obama Administration's Troubled Assets Relief Program (TARP) proposals: "No one underestimates the economic challenges that confront us. The issue is… Read more »

- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, said today that a failure of the Securities and Exchange Commission (SEC) to investigate credible charges is a common thread between the notorious Bernard Madoff Ponzi Fraud case and Jefferson County's sewer bond swaps. Bachus drew the comparison during his questioning of whistleblower Harry… Read more »

- As indicated in today's Government Accountability Office (GAO) TARP report entitled "Status of Efforts to Address Transparency and Accountability Issues", House Financial Services Committee Ranking Member Spencer Bachus (R-AL) and Congressman Paul E. Kanjorski (D-PA), the Chairman of the Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored… Read more »