- More than a month after Treasury Secretary Tim Geithner submitted legislative language to Congress to improve the stability of the financial system, he has failed to provide responses to a number of fundamental questions Ranking Member Spencer Bachus sent to him after the October 29th hearing of the Financial Services Committee on the Administration's proposal. The questions were… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, requested information from Treasury Secretary Tim Geithner regarding the disparate treatment of U.S. banks and foreign institutions by insurance giant American International Group (AIG). In March, Bachus urged Financial Services Committee Chairman Barney Frank to convene hearings in order to obtain… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today during Committee consideration of an amendment offered by Rep. Ron Paul (R-TX) that would subject the Federal Reserve to audits by the Government Accountability Office (GAO): "Mr. Chairman, I strongly support the amendment offered by the gentleman from… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, and Former House Majority Leader Roy Blunt (R-MO), the second ranking Republican on the House Energy and Commerce Committee, today called on Chairman Barney Frank to schedule a hearing to examine the November 17th report by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)… Read more »
- Financial Services Committee Ranking Member Spencer Bachus and Housing Subcommittee Ranking Member Shelley Moore Capito urged Chairman Barney Frank and Housing Subcommittee Chairwoman Maxine Waters to convene a hearing to examine the precipitous decline in the Federal Housing Administration's (FHA) capital reserves. On November 12, the Department of Housing and Urban Development… Read more »
- During consideration of the Financial Stability Improvement Act of 2009, Financial Services Committee Democrats voted against an amendment that would bring an end to the era of taxpayer bailouts by prohibiting federal agencies from using taxpayer funds to rescue financial institutions. The amendment, offered by Reps. Lynn Jenkins (R-KS) and Erik Paulsen (R-MN), would send a clear… Read more »
Republican Substitute Offers An Exit Strategy From Taxpayer Bailouts November 17, 2009 -During consideration of the Financial Stability Improvement Act of 2009, Democrats on the Financial Services Committee voted against an amendment that would end taxpayer-funded bailouts of failed non-bank financial firms. The amendment, offered by Rep. Shelley Moore Capito (R-WV) and supported… Read more »
- During consideration of the Financial Stability Improvement Act of 2009, Financial Services Committee Democrats voted against an amendment that would prevent the Treasury Department from extending Troubled Asset Relief Program (TARP) beyond December 31st, when it is set to expire. The amendment, offered by Rep. Erik Paulsen (R-MN), would direct non-committed TARP funds to pay… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding the report on AIG's counterparty payments by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP): "This report paints a devastating picture of a Federal Reserve Bank of New York (FRBNY) that was ill-prepared to deal with the… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today regarding the report that FHA's capital reserve ratio fell to 0.53 percent: "Today's report is troubling and shows just how fragile the financial position of the FHA is. As the FHA's share of the mortgage market has grown over the past two years, the… Read more »
