Press Releases

-Financial Services Committee Ranking Member Spencer Bachus made the following remarks today during a press conference to announce the Accurate Accounting of Fannie Mae and Freddie Mac Act. "Scott Garrett, our Ranking Member of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, is to be commended for this legislation to put the taxpayer cost of… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement regarding Chairman Ben Bernanke's statement on the Federal Reserve Board's strategy for unwinding its extraordinary government intervention in the financial markets: Ranking Member Bachus said, "The term ‘intervention' implies that the government is interfering with economic and market… Read more »

-Financial Services Committee Ranking Member Spencer Bachus wrote to Securities and Exchange Commission (SEC) Chairman Mary Schapiro opposing the rush to judgment in issuing  guidance that requires publicly traded companies to assess and disclose the impact of climate change on their financial condition.  In the letter, Bachus urged Chairman Schapiro to focus on initiatives… Read more »

-Financial Services Committee Ranking Member Spencer Bachus issued the following statement regarding the President's budget. "The proposal to spend almost $4 trillion is hardly a plan to get spending under control. The American people simply cannot afford a second straight budget that spends too much, taxes too much, and borrows too much. While the President talked about… Read more »

-Financial Services Committee Ranking Member Spencer Bachus issued the following statement regarding today's House Oversight and Government Reform Committee hearing on AIG's bailout: "For nearly a year I have been asking questions regarding the disparate treatment of U.S. banks and foreign institutions by insurance giant American International Group (AIG). "While the… Read more »

-In response to Republicans introducing legislation to protect taxpayers by suspending the Obama Administration's approval of multi-million dollar pay packages at Fannie Mae and Freddie Mac, Chairman Barney Frank earlier today mischaracterized the Democrats' legislation (H.R. 1664) to address executive compensation at financial institutions receiving government capital injections. … Read more »

-On Christmas Eve, the Obama Administration approved $6 million cash compensation for the chief executives of Fannie Mae and Freddie Mac. The approval of these multi-million dollar compensation packages contradicts the Administration's stance of reducing what it described as "excessive compensation" at financial institutions. Financial Services Committee Republican leadership,… Read more »

-Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today regarding the Obama Administration changing course on financial regulation: "We believe the problems the president has identified are best addressed by H.R 3310, the regulatory restructuring legislation introduced by Republicans on July 23, 2009. "The… Read more »

  "The decision to deny my request to invite Mr. DeMarco as the Minority Party's witness raises serious questions about the motivation for the hearing, the commitment to transparency in the operations of two government entities, and this Administration's track record in addressing the complex issue of executive compensation at firms that have received extraordinary government… Read more »

  January 15, 2010 -Financial Services Committee Ranking Member Spencer Bachus made the following statement regarding his request for an AIG hearing: "Since March 2009, I have repeatedly and in writing requested a hearing to investigate the inequitable treatment between AIG's foreign and domestic counterparties, and U.S. banks that are creditors. The Committee has a duty… Read more »