Press Releases

Financial Services Committee Chairman Spencer Bachus and Rep. Carolyn McCarthy, a member of the Committee, introduced bipartisan legislation today to create more efficient and effective oversight of the retail investment advisory industry. Chairman Bachus and Rep. McCarthy introduced their proposal in response to a Securities and Exchange Commission (SEC) study that revealed the agency… Read more »

The Capital Markets and Government Sponsored Enterprises Subcommittee will review the Securities and Exchange Commission’s (SEC) activities, initiatives and Fiscal Year 2013 budget request during an oversight hearing this Wednesday. SEC Chairman Mary Schapiro will be the only witness at the hearing, where she will likely be questioned about pending rules mandated by the Dodd-Frank… Read more »

The Financial Services Committee today approved legislation that cuts the deficit by more than $35 billion. The Committee was instructed by the House last month to approve budget savings of $29.8 billion over the next 10 years in programs and agencies under its jurisdiction.  The Committee went above and beyond that deficit reduction target by more than $5 billion. “Our nation… Read more »

The Financial Services Committee on Tuesday unveiled the Dodd-Frank Burden Tracker, an online resource to help the public keep track of all the new government rules and red tape required by the Dodd-Frank Act. Dodd-Frank, passed by Congress in 2010, mandates that government regulators write over 400 new rules and requirements that will be imposed on the private sector.  Since… Read more »

The Financial Services Committee will vote on legislation Wednesday that reduces the deficit by $35 billion to help avert what the Obama administration calls “catastrophic” automatic spending cuts to national security. “Our deficits and debt are a threat to both our economic security and our national security.  Congress has an obligation to make tough choices that cut spending,… Read more »

Financial Services Committee Chairman Spencer Bachus made the following statement on the signing of the JOBS Act. The JOBS Act is bipartisan legislation to help small companies and entrepreneurs start up their businesses, access capital and create jobs.  “Our number one priority is job creation. With this legislation Republicans and Democrats have worked together to help foster a… Read more »

Financial Services Committee Chairman Spencer Bachus delivered the following statement during a hearing to receive the semiannual report from the Consumer Financial Protection Bureau (CFPB). "The CFPB is an independent federal agency whose authority is unprecedented and far-reaching.  Title X of the Dodd-Frank Act confers virtually unfettered discretion on a single person, the… Read more »

The House today gave final approval to a bipartisan Financial Services Committee bill that eases the burden of certain regulations in order to boost startup companies and promote the creation of new jobs. The JOBS Act – short for Jumpstart Our Business Startups – now goes to the President for his expected signature. Financial Services Committee Chairman Spencer Bachus said the bill… Read more »

The Financial Services Committee, chaired by Rep. Spencer Bachus, approved two bills today to fix derivatives provisions of the Dodd-Frank Act. “These bipartisan bills help bring more clarity and transparency to the marketplace, and the result is greater certainty for job creators at a time our economy is struggling,” said Chairman Bachus.  In addition to the two derivatives… Read more »

The House on Monday gave its approval to two bipartisan bills that originated in the House Financial Services Committee. The bills will help clarify and alleviate the burdens placed on job-creators by certain Dodd-Frank Act regulations. “Washington continually shackles the private sector with punishing regulations that end up causing uncertainty and discouraging the creation of… Read more »