Press Releases

Financial Services Committee Chairman Spencer Bachus released the following statement about today's joint Subcommittee hearing on the Volcker rule. "Thank you, Chairman Capito and Chairman Garrett, for convening today’s hearing to examine the regulatory proposal to implement Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule.  "The proposals issued by the… Read more »

-Financial Services Committee Chairman Spencer Bachus reacted Tuesday to reports that government regulators will cut the pay of the executives they hire to succeed the departing heads of Fannie Mae and Freddie Mac. Chairman Bachus first proposed legislation to suspend the pay packages and stop bonuses for executives of Fannie Mae and Freddie Mac in 2010.  He reintroduced the bill… Read more »

A joint hearing in January held by two Financial Services subcommittees will evaluate the proposed Volcker Rule and its impact on the economy, jobs, businesses and investors.  Members of the subcommittees will also ask federal regulators about the costs of complying with the regulations as well as perceived benefits that will result from the regulations. The Volcker Rule, a… Read more »

Financial Services Committee Chairman Spencer Bachus, who proposed legislation earlier this year to place the Consumer Financial Protection Bureau (CFPB) under the direction of a bipartisan commission, released the following statement about President Obama’s decision to disregard the Constitution and attempt to appoint a director for this new, unaccountable government bureaucracy: “The… Read more »

Financial Services Committee Chairman Spencer Bachus and Ranking Member Barney Frank today jointly announced that the Committee will hold a hearing next year to examine the practice by the Securities and Exchange Commission of settling cases with defendants that neither admit nor deny complaints made by the SEC. The SEC has proposed to settle a string of recent cases by levying fines… Read more »

The Financial Services Oversight and Investigations Subcommittee will examine the decisions and events leading up to the collapse of MF Global during a hearing on Thursday. At the hearing, the Subcommittee will hear from Jon Corzine, the former chief executive officer of MF Global, as well as regulators of the firm and the bankruptcy trustee. The Subcommittee hearing will also focus on… Read more »

A Congressional subcommittee will hear testimony on Thursday from a panel of current and former homeless children as it examines government barriers that prevent many homeless youth from receiving housing assistance. The Financial Services Subcommittee on Insurance, Housing and Community Opportunity is examining how conflicting definitions of “homeless person” in the McKinney-Vento… Read more »

The Financial Services Committee announced its schedule for the week of December 12. Wednesday, December 14: The Capital Markets and Government Sponsored Enterprises Subcommittee will meet to mark up the Private Mortgage Market Investment Act and a bill to improve the whistleblower provisions of the Dodd-Frank Act. The markup will begin at 10 a.m. in room 210 of the Capitol Visitor… Read more »

The Insurance, Housing, and Community Opportunity Subcommittee, chaired by Rep. Judy Biggert, approved three bills on Thursday regarding data collection regulations on insurance companies, home warranties and homeless veterans. The bills approved by the Subcommittee are: H.R. 3559, Insurance Data Protection Act, sponsored by Rep. Steve Stivers This bill addresses concerns raised… Read more »

Financial Services Committee Chairman Spencer Bachus on Thursday issued the following statement, commending senators who refused to confirm an unaccountable director for the Consumer Financial Protection Bureau (CFPB) unless and until structural reforms are made to the bureaucracy: “The CFPB under the direction of a single person embodies the Obama Administration’s seemingly endless… Read more »