On a bipartisan vote of 241 to 173, the House of Representatives approved legislation to bring accountability, transparency, and oversight to the Consumer Financial Protection Bureau (CFPB).
The Dodd-Frank Act, signed into law a year ago, established the CFPB as an independent bureau within the Federal Reserve. Under Dodd-Frank, the CFPB is run by a single director who has… Read more »
The Financial Services Committee, chaired by Rep. Spencer Bachus, approved legislation to bring transparency to the FDIC’s bank closure process and procedures. H.R. 2056, authored by Rep. Lynn Westmoreland, requires the FDIC Inspector General to study issues raised by the recent rash of bank failures since 2008. The legislation was approved by a voice vote.
Chairman Bachus said, “As… Read more »
The Financial Services Committee approved legislation sponsored by Chairman Spencer Bachus today to equip new manufactured homes with NOAA weather radios so residents can receive earlier storm warnings. The bill was approved by a voice vote.
The bill, C.J.’s Home Protection Act (H.R. 1751), is named in honor of C.J. Martin, a two-year-old who died in 2005 when a tornado struck his… Read more »
Financial Services Committee Chairman Spencer Bachus issued the following statement in response to a press conference held by Democrats on Wednesday about legislation the House will consider on Thursday to bring needed accountability to the Consumer Financial Protection Bureau (CFPB):
“It is amazing that suddenly the Democrats believe placing the CFPB under the direction of a… Read more »
During a markup today, the Financial Services Committee continued its effort to eliminate some of the job destroying provisions in the Dodd-Frank Act. In approving H.R. 1539, introduced by Rep. Steve Stivers, the Committee repealed Section 939G of the Dodd-Frank Act, which completely shut down the asset-backed securitization market shortly after Dodd-Frank’s enactment in July 2010.… Read more »
Report Card Issued to Mark First Year of Failures
When Democrats passed the Dodd-Frank Act a year ago, among the promises they made were that the 2,300-page bill and its 400 new rules would strengthen the economy, stabilize the housing market, end “too big to fail” and streamline the regulatory process.
Now that a year… Read more »
WASHINGTON -Financial Services Committee Chairman Spencer Bachus made the following statement during the hearing on the Federal Reserve's monetary policy report to the Congress.
"Chairman Bernanke, welcome back to the Committee.
"Thank you for your service to our country during these challenging times.
"America is confronted with many challenges,… Read more »
WASHINGTON -Financial Services Committee Chairman Spencer Bachus said a report released today by the Government Accountability Office (GAO) backs up concerns that provisions of the Dodd-Frank Act put U.S. firms at a competitive disadvantage in the global economy.
“The GAO report confirms that neither European nor Asian regulators or legislators will establish similar proprietary… Read more »
The Oversight and Investigations Subcommittee on Thursday will hold a hearing on the new Office of Financial Research (OFR) and pay particular attention to the data security risks inherent with OFR’s mission of collecting sensitive, private financial information.
The Office of Financial Research, created by the Dodd-Frank Act, has the authority -- backed up by subpoena power -- to… Read more »
WASHINGTON -Continuing the Financial Services Committee’s ongoing efforts to thoroughly review government policies and regulations, the Insurance, Housing and Community Opportunity Subcommittee will meet for a hearing to evaluate recent changes to mortgage origination laws. The Subcommittee hearing will particularly focus on the impact the new laws and regulations have on consumers and… Read more »
