Press Releases

  September 17, 2010 -  Financial Services Committee Ranking Member Spencer Bachus today released the following statement upon reports of President Obama's decision to override the clear intent of the law by placing Professor Elizabeth Warren in a staff level "credit czar" position, running the powerful new financial regulatory agency.  "The… Read more »

-  Financial Services Committee Ranking Member Spencer Bachus made the following statement during a Capital Markets Subcommittee hearing on Fannie Mae and Freddie Mac. "During the two years that Fannie Mae and Freddie Mac have been controlled by the Federal government, House Republicans have introduced a number of measures to immediately address the failures of the GSEs. … Read more »

As the Administration pulls together their ideological allies for an intellectual exercise on how to keep the government involved in housing finance, taxpayers are demanding an end to the unlimited bailout of the two enterprises that started the housing mess and led to the financial crisis.  Democrats have offered 18 months of lip service, and seem to think hosting a new (and… Read more »

-  Financial Services Committee Ranking Member Spencer Bachus today said that contrary to the sluggish pace of the Obama Administration and claims by Chairman Barney Frank that reform is not urgent, Congress must immediately address Fannie Mae and Freddie Mac,  and the Treasury Department's conference offered nothing but further delays in the development and implementation of a… Read more »

- Financial Services Committee Ranking Member Spencer Bachus urged Chairman Barney Frank to convene a hearing to examine whether Fannie Mae executives improperly implemented the Home Affordable Modification Program (HAMP) in order to benefit from incentive payments offered by the Treasury Department for mortgage modifications. Ranking Member Bachus said in the letter, "These allegations… Read more »

- Financial Services Committee Ranking Member Spencer Bachus sent the following letter to Chairman Barney Frank urging him to schedule the required annual hearing in which the Treasury Secretary testifies on the state of the international financial system, citing, among other reasons, the need to examine the effect of the so-called Volcker Rule on the competitiveness of American financial… Read more »

- Financial Services Committee Ranking Member Spencer Bachus today said Democrat obstruction of efforts by House Republicans to streamline the financial regulatory structure in the Dodd-Frank Act is yet another failure of the majority to prevent a potential crisis.  Earlier today, the International Monetary Fund released a report assessing the stability of the U.S. financial system,… Read more »

– Financial Services Committee Ranking Member Spencer Bachus today said Democrats must be held accountable and fix a hidden provision in the 2,300 page Dodd Frank Act that protects the failed regulators at the heart of the financial crisis by denying transparency and public oversight of the Securities and Exchange Commission (SEC). “The SEC failed to supervise undue risk… Read more »

 The failure of the Democrats to even consider meaningful reforms to fix Fannie Mae and Freddie Mac - the two government sponsored entities at the heart of the financial crisis that are propped up by unlimited taxpayer support - is irresponsible, and a total abdication of congressional responsibility.  But after 18 months of lip service, the new… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement today regarding the announcement by the Administration that it will convene a conference on the future of housing finance next month. "The Administration continues to drag its feet in providing Americans with a much-needed exit strategy from Fannie Mae and Freddie Mac. Instead of ending the GSE… Read more »