Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, made the following remarks today after the Democrat leadership announced that the Big Three automakers will have to submit to Congress a restructuring plan before receiving a taxpayer bailout. Ranking Member Bachus said, "At the Financial Services Committee hearing yesterday I made it clear I believe… Read more »
Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, today said, "Federal tax law should not force seniors to take money from their retirement accounts at a time when the value of their investments has plummeted." Congressman Bachus is an original cosponsor of legislation introduced today that would temporarily waive a requirement that forces… Read more »
Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, made the following statement today after Treasury Secretary Paulson announced that Treasury has changed its focus away from buying troubled assets under the Troubled Asset Relief Program (TARP). Ranking Member Bachus said, “Direct capital injections will offer greater taxpayer protection and improve… Read more »
Ranking Member Spencer Bachus made the following statement today after the Treasury Department and the Federal Reserve finalized rules to implement that Unlawful Internet Gambling Enforcement Act (UIGEA). Bachus said, “The Treasury and Federal Reserve actions provide the tools needed to put an end to illegal Internet gambling. While the rules are more than a year late, the… Read more »
Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, joined other House Republicans in requesting that the Department of Justice (DOJ) examine the role of Fannie Mae and Freddie Mac in the current financial crisis as part of DOJ’s ongoing “Operation Malicious Mortgage” investigation. Republicans called for the probe to include the extent to… Read more »
Ranking Member Spencer Bachus requested the participation of Mike Washburn, President and CEO of Red Mountain Bank in Birmingham, Alabama to provide the Committee with the perspective of Main Street banks on how the regulatory system should be modernized. Mr. Washburn, will testify on behalf of the Independent Community Bankers of America (ICBA), the only trade group exclusively… Read more »
Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, made the following statement today after financial regulators announced comprehensive and coordinated actions to address the current financial crisis. Ranking Member Bachus said, “The coordinated program announced today by the Federal Reserve, Treasury Department and the Federal Deposit Insurance… Read more »
Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, sent a letter today to the Securities and Exchange Commission on mark to market accounting. Click here for a copy of the letter. # # # Read more »
Republican Members of the Financial Services Committee, led by Ranking Member Spencer Bachus, urged Committee Chairman Barney Frank today to invite former executives of Fannie Mae and Freddie Mac to testify at the scheduled hearing on October 21 on restructuring and reform of the financial system. Republican Members also requested hearings on alleged abuses by the Association of… Read more »
Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, made the following statement regarding the ongoing implementation of the Emergency Economic Stabilization Act: “When I first met with Secretary Paulson and Chairman Bernanke on September 18, I said that we needed to consider alternatives, including direct capital injections because it was a more… Read more »
