Press Releases

Decisions by Jon Corzine to chart a radically different course for MF Global and try to turn the 230-year-old commodities broker into a full-service investment bank were the cause of the firm’s bankruptcy and failure to protect customer funds, Republican members of a congressional subcommittee will report this week. The House Financial Services Subcommittee on Oversight and… Read more »

Financial Services Committee Chairman Spencer Bachus today released “The Dodd-Frank Act, the Persistence of ‘Too Big to Fail,’ and the Institutionalization of Government Bailouts.”  The report is a seven-page analysis prepared by Committee staff that refutes claims made by Dodd-Frank supporters that the 2,300-page law ends “too big to fail” and ends bailouts. The report coincides… Read more »

"The Federal Reserve’s action today is a scathing indictment of this Administration’s economic policies which, after almost four years, have failed to produce a sustainable recovery or put Americans back to work.  The Federal Reserve cannot rescue the Administration from the consequences of failed economic and regulatory policies.  “The President promised us his policies… Read more »

A Financial Services Subcommittee hearing on Tuesday will examine the capacity of the insurance industry to offer terrorism risk insurance without a Federal backstop. The Terrorism Risk Insurance Act (TRIA), a temporary risk sharing program created in 2002 to ensure consumers have access to terrorism insurance, is set to expire at the end of 2014.  Members of the Insurance,… Read more »

Financial Services Committee Chairman Spencer Bachus on Thursday announced the Committee’s hearing schedule for the month of September.   Hearing on the Terrorism Risk Insurance Act: On Tuesday, September 11, the Subcommittee on Insurance, Housing and Community Opportunity will hold a hearing to examine the Terrorism Risk Insurance Act (TRIA), which was enacted in 2002 and is… Read more »

Financial Services Committee Chairman Spencer Bachus issued the following statement about the Treasury Department's decision on Friday to reduce the dividend rate paid to the Secretary of the Treasury on Senior Preferred Stock of Fannie Mae and Freddie Mac: “The Administration took its first step toward GSE reform in nearly four years today. Unfortunately, rather than announcing steps to… Read more »

West Virginia-based financial institutions will have the opportunity on Monday to tell a Congressional subcommittee chaired by Rep. Shelley Moore Capito how new regulations are affecting their ability to stimulate local job growth. The House Subcommittee on Financial Institutions and Consumer Credit will hold a field hearing in Charleston, West Virginia at the Robert C. Byrd U.S.… Read more »

Financial Services Committee Chairman Spencer Bachus is asking investors, industry professionals and the public to offer their ideas and suggestions on how to formulate a less burdensome legislative alternative to the Volcker Rule. “If regulators implement the Volcker Rule in its current form, the repercussions will be devastating to our economy.  It will undermine our nation’s… Read more »

Financial Services Committee Chairman Spencer Bachus released a statement on Wednesday in support of bipartisan legislation that clarifies provisions in the Dodd-Frank Act requiring municipal advisers to register with the Securities and Exchange Commission. The bipartisan bill, H.R. 2827 sponsored by Rep. Robert Dold, was considered on Wednesday by the Subcommittee on Capital Markets… Read more »

The Financial Services Committee on Wednesday approved a resolution offered by Chairman Spencer Bachus to appoint Rep. Frank Guinta, the committee’s newest member, to the Financial Institutions and Consumer Credit Subcommittee and the International Monetary Policy and Trade Subcommittee. “Rep. Guinta understands that regulatory overkill makes it harder for our economy to recover and… Read more »