Press Releases

- House Financial Services Committee Ranking Member Spencer Bachus today sent a letter to Chairman Barney Frank requesting a hearing on revelations reported by the Lehman Brothers' court appointed bankruptcy examiner and the failure of government regulators to act on evidence of accounting gimmicks used to hide the company's debt and mask its insolvency.   "This report… Read more »

- House Financial Services Committee Ranking Member Spencer Bachus today said the financial regulatory reform legislation introduced by Senate Banking Committee Chairman Chris Dodd is yet another missed opportunity to restore market discipline and end the "too big to fail" philosophy that rewards failure. Bachus specifically noted the failure of Senate Democrats to (1)… Read more »

- Financial Services Committee Ranking Member Spencer Bachus today called on the Senate to address the future of the Government Sponsored Enterprises (GSEs) as Senate Banking Committee Chairman Chris Dodd announced the failure to reach agreement on a bi-partisan financial regulatory restructuring bill in the Senate. "Fannie Mae and Freddie Mac were at the center of the mortgage… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement during a Financial Institutions Subcommittee hearing entitled, "Money Services Business Regulation" "Thank you, Mr. Chairman for holding this important hearing about an issue that is long overdue for a fair and effective solution. "Money Services Businesses, or MSBs, offer a… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement during a Full Committee hearing entitled, "Community Development Financial Institutions (CDFIs): Their Unique Role and Challenges Serving Lower-Income, Underserved and Minority Communities." "Thank you, Mr. Chairman for holding this hearing on the role of Community Development… Read more »

-Financial Services Committee Ranking Member Spencer Bachus released the Committee Republicans views on FY 2011 budget. Click here to view a copy.   Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement on the Republican alternative at today's Full Committee Markup on "Budget Views and Estimates for 2011." Mr. Chairman, this is a substitute amendment that offers a Republican vision of what should be our Committee's budget priorities -- addressing our nation's unsustainable debt path… Read more »

-Financial Services Committee Ranking Member Spencer Bachus made the following statement during a Full Committee hearing on compensation in the financial industry: "We are the largest and strongest economy in the world.  We didn't get there by having government run businesses.  The traditional view, which I share, is that we got there through the free enterprise system in… Read more »

-In response to questions from Financial Services Committee Ranking Member Spencer Bachus on whether federal deficit levels are unsustainable, Federal Reserve Chairman Ben Bernanke said that "given the numbers that the CBO or the OMB have projected, that's right." Federal Reserve Chairman Bernanke warned that "I do think that it's very important that we begin to look at… Read more »

-Financial Services Committee Ranking Member Spencer Bachus made the following statement today during a Full Committee hearing entitled, "Prospects for Employment Growth: Is Additional Stimulus Needed?" "We all want the same thing, Mr. Chairman. We all want every American who wants a job to have a job, and we want those jobs to be real, productive employment. "A… Read more »