- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, and Former House Majority Leader Roy Blunt (R-MO), the second ranking Republican on the House Energy and Commerce Committee, today called on Chairman Barney Frank to schedule a hearing to examine the November 17th report by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)… Read more »
- Financial Services Committee Ranking Member Spencer Bachus and Housing Subcommittee Ranking Member Shelley Moore Capito urged Chairman Barney Frank and Housing Subcommittee Chairwoman Maxine Waters to convene a hearing to examine the precipitous decline in the Federal Housing Administration's (FHA) capital reserves. On November 12, the Department of Housing and Urban Development… Read more »
- During consideration of the Financial Stability Improvement Act of 2009, Financial Services Committee Democrats voted against an amendment that would bring an end to the era of taxpayer bailouts by prohibiting federal agencies from using taxpayer funds to rescue financial institutions. The amendment, offered by Reps. Lynn Jenkins (R-KS) and Erik Paulsen (R-MN), would send a clear… Read more »
Republican Substitute Offers An Exit Strategy From Taxpayer Bailouts November 17, 2009 -During consideration of the Financial Stability Improvement Act of 2009, Democrats on the Financial Services Committee voted against an amendment that would end taxpayer-funded bailouts of failed non-bank financial firms. The amendment, offered by Rep. Shelley Moore Capito (R-WV) and supported… Read more »
- During consideration of the Financial Stability Improvement Act of 2009, Financial Services Committee Democrats voted against an amendment that would prevent the Treasury Department from extending Troubled Asset Relief Program (TARP) beyond December 31st, when it is set to expire. The amendment, offered by Rep. Erik Paulsen (R-MN), would direct non-committed TARP funds to pay… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding the report on AIG's counterparty payments by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP): "This report paints a devastating picture of a Federal Reserve Bank of New York (FRBNY) that was ill-prepared to deal with the… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today regarding the report that FHA's capital reserve ratio fell to 0.53 percent: "Today's report is troubling and shows just how fragile the financial position of the FHA is. As the FHA's share of the mortgage market has grown over the past two years, the… Read more »
-Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today during consideration of the Republican substitute to the Democrats' so-called "Financial Stability Improvement Act." The No More Bailouts Act ends all taxpayer funded bailouts and brings needed reforms to the Federal Reserve. "This substitute represents… Read more »
- Financial Services Committee Ranking Member Spencer Bachus (R-AL) and Senate Republican Whip Jon Kyl (R-AZ) sent a letter to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke opposing a request from the gambling industry to delay the implementation of the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) by a year. The Unlawful Internet Gambling… Read more »
- Statement of Congressman Spencer Bachus, the top Republican on the Financial Services Committee, regarding the passage of the Democrats' so-called Investor Protection Act of 2009: "Although there are a number of positive reforms in the bill, including provisions to exempt small companies from Section 404 of Sarbanes-Oxley, these reforms are overshadowed by the bill's failure to… Read more »
