Press Releases

WASHINGTON - The Capital Markets and Government Sponsored Enterprises Subcommittee approved legislation today sponsored by Rep. Robert Hurt to reduce the government’s role in the mortgage market. The Market Transparency and Taxpayer Protection Act directs the Federal Housing Finance Agency (FHFA) Director to require Fannie Mae and Freddie Mac to dispose of all non-mission critical… Read more »

WASHINGTON - The U.S. House of Representatives today overwhelmingly approved legislation to reauthorize and significantly reform the National Flood Insurance Program (NFIP). The reforms included in the legislation will ensure the continued economic viability of the NFIP by eliminating unnecessary federal subsidies, and facilitate private sector participation in the flood insurance market.… Read more »

WASHINGTON - In continuing the Committee’s efforts to end the bailout of Fannie Mae and Freddie Mac, the Capital Markets and Government Sponsored Enterprises Subcommittee considered and advanced six proposals today to protect taxpayers by reforming Fannie Mae and Freddie Mac. Financial Services Committee Chairman Spencer Bachus said, “We continue to advance solutions to protect… Read more »

House Financial Services Committee Chairman Spencer Bachus today issued the following statement after the U.S. Labor Department reported that only 18,000 jobs were created in June and that the unemployment rate increased to 9.2 percent: “The trend in recent jobs reports is disheartening and unmistakable.  Even though the recession technically ended over two years ago, the economy… Read more »

Financial Services Committee Chairman Spencer Bachus made the following statement concerning today's Subcommittee hearing on legislative proposals regarding bank examination practices. "Every member of Congress has heard the concerns of small business owners and bankers about overzealous regulators. "No one wants regulators to allow unsafe practices, but no one wants regulators… Read more »

Subcommittee to Vote on 7 Bills Next Week That Protect Taxpayers From Bailout WASHINGTON -The Financial Services Committee will continue moving forward next week with needed reforms of Fannie Mae and Freddie Mac to end the taxpayer-funded bailout of the government sponsored enterprises. The Capital Markets and Government Sponsored Enterprises Subcommittee will meet on Tuesday, July… Read more »

Two Financial Services subcommittees will hold a joint hearing on Thursday, July 7 to review the role of Federal regulators in the ongoing mortgage servicing settlement negotiations and the development of new mortgage servicing standards.  Witnesses will include regulators from the Office of the Comptroller of the Currency, the FDIC, and the Consumer Financial Protection Bureau, and… Read more »

WASHINGTON – The Subcommittee on Capital Markets and Government Sponsored Enterprises will conduct a hearing on the state of the mutual fund industry on Friday, June 24.  It will be the first Financial Services Committee oversight hearing focusing on the mutual fund industry since 2005. The Subcommittee hearing, entitled “Oversight of the Mutual Fund Industry: Ensuring Market… Read more »

Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul announced today that the subcommittee will hold a hearing on legislation calling for a full audit of U.S. gold reserves. H.R. 1495, the “Gold Reserve Transparency Act of 2011,” calls for an audit by the Treasury that gives a full and thorough accounting of the U.S. government’s gold reserves, requiring an inventory… Read more »

The Financial Services Committee today approved the Small Company Capital Formation Act (H.R. 1070) introduced by Rep. David Schweikert. The bill makes it easier for small businesses to access capital, which will permit greater investment in these companies and will allow them to grow and create new jobs. “I am extremely pleased that the Financial Services Committee passed my Small… Read more »