Press Releases

  WASHINGTON:   Financial Services Committee Chairman Spencer Bachus today announced the committee’s planned hearing schedule for May 2011. The May hearing and markup schedule builds upon the Committee’s efforts to thoroughly review government policies, programs and regulations and assess their impact on economic activity, job creation, and capital formation.  During the… Read more »

Financial Services Committee Chairman Spencer Bachus made the following statement today during the Oversight and Investigations Subcommittee hearing on the Financial Stability Oversight Council:   “The drafters of the Dodd-Frank Act provided the Financial Stability Oversight Council with new, far-reaching powers over the financial system, and the Council’s use of its new powers… Read more »

The Capital Markets Subcommittee, chaired by Rep. Scott Garrett, will meet for a hearing to evaluate the proposed risk retention rule at 2 p.m. on Thursday, April 14 in room 2128 Rayburn.   The Dodd-Frank Act directs six federal regulators to jointly issue regulations forcing firms that jointly package loans and other assets into securities to hold a portion of the credit risk on… Read more »

The Oversight and Investigations Subcommittee, chaired by Rep. Randy Neugebauer, will meet for a hearing to explore the progress of the Financial Stability Oversight Council (FSOC).  The Subcommittee will focus on the coordination among the FSOC Members and the FSOC’s implementation of the Dodd-Frank Act.   The hearing will take place on Thursday, April 14 at 10 a.m. in room… Read more »

A stunning development today in the ongoing controversy over whether someone on Capitol Hill is pretending to be Barney Frank. Financial Services Committee Chairman Spencer Bachus announced a videotape of the apparent impersonator has surfaced.  Chairman Bachus on Thursday made the videotape available to the press. Although Rep. Frank did not express concerns about a possible… Read more »

Witnesses testifying before a House Subcommittee on Wednesday expressed support for legislation to change the leadership structure of the new Consumer Financial Protection Bureau (CFPB) so it is governed by a bipartisan commission rather than a single director appointed by the President.   The Subcommittee on Financial Institutions and Consumer Credit on Wednesday held a hearing to… Read more »

The Capital Markets and Government Sponsored Enterprises Subcommittee approved eight bills on Wednesday that provide for immediate reforms to protect taxpayers by fundamentally reforming Fannie Mae and Freddie Mac. The bills include reforms that suspend lavish compensation for executives at Fannie Mae and Freddie Mac, eliminate the affordable housing goals, increase the guarantee fees,… Read more »

Financial Services Committee Chairman Spencer Bachus issued this statement about someone impersonating Ranking Member Barney Frank:   “There certainly does need to be an investigation into who is impersonating Barney Frank because someone who looks and sounds exactly like him said on June 29, 2010, and this is verbatim: ‘I believe we will need a technical corrections bill that… Read more »

Financial Services Committee Member Rep. Carolyn Maloney spoke out today against a proposal that places the new Consumer Financial Protection Bureau under the leadership of a bipartisan commission. At a subcommittee hearing Wednesday morning, Rep. Maloney named the Federal Reserve, the Commodity Futures Trading Commission, and the Office of the Comptroller of the Currency as examples… Read more »

The Insurance, Housing and Community Opportunity Subcommittee, chaired by Rep. Judy Biggert, approved legislation today to reform the National Flood Insurance Program (NFIP). H.R. 1309, introduced by Subcommittee Chairman Biggert, provides for long-term reauthorization of the NFIP and includes important reforms to improve its financial stability, reduce the burden on taxpayers, and… Read more »