Press Releases

-Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today during consideration of the Republican substitute to the Democrats' so-called "Financial Stability Improvement Act." The No More Bailouts Act ends all taxpayer funded bailouts and brings needed reforms to the Federal Reserve. "This substitute represents… Read more »

- Financial Services Committee Ranking Member Spencer Bachus (R-AL) and Senate Republican Whip Jon Kyl (R-AZ) sent a letter to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke opposing a request from the gambling industry to delay the implementation of the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) by a year. The Unlawful Internet Gambling… Read more »

- Statement of Congressman Spencer Bachus, the top Republican on the Financial Services Committee, regarding the passage of the Democrats' so-called Investor Protection Act of 2009: "Although there are a number of positive reforms in the bill, including provisions to exempt small companies from Section 404 of Sarbanes-Oxley, these reforms are overshadowed by the bill's failure to… Read more »

-Oversight and Government Reform Committee Ranking Member Darrell Issa (R-CA) and Financial Services Committee Ranking Member Spencer Bachus (R-AL) sent a letter to Housing Secretary Shaun Donovan requesting information on the financial health of the Federal Housing Administration (FHA).  FHA recently announced that its annual independent actuarial study is expected to show the… Read more »

Statement of Congressman Spencer Bachus, the top Republican on the Financial Services Committee, on reports that CIT has filed for Chapter 11 bankruptcy protection: "Today's news that CIT has filed for bankruptcy protection, and that taxpayers' $2.33 billion TARP investment in the company is likely to be completely wiped out, highlights the folly of a legislative proposal that… Read more »

- At a House Financial Services Committee hearing today on the Obama Administration's 253 page draft legislation to reform the financial regulatory system, Members of the Committee and witnesses alike admitted to not having had a chance to read the complex proposals which the Committee is scheduled to begin voting on next week. Responding to a question from Ranking Member Spencer… Read more »

- Congressman Spencer Bachus, the Ranking Republican on the House Financial Services Committee, made the following response to Chairman Barney Frank's statement that "Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection." Ranking Member Bachus… Read more »

- Financial Services Committee Republicans, led by Ranking Member Spencer Bachus, urged Chairman Barney Frank to allow more time to study and understand the 253-page draft legislation released on October 27 before the Committee considers the legislation.  Frank announced that the Committee will mark up the legislation as early as Tuesday, November 3, only a week after the draft… Read more »

- Congressman Spencer Bachus, the Ranking Republican on the House Financial Services Committee, today raised strong objections to legislation submitted by the Obama Administration and released by Committee Chairman Barney Frank to reform the financial regulatory structure.  The sweeping proposal calls for establishing a so-called "resolution authority" that promotes… Read more »

- During consideration of H.R. 3818, the Private Fund Investment Advisers Registration Act, Financial Services Committee Ranking Member Spencer Bachus offered an amendment that protects the fiduciary obligations that investment advisers owe their clients.  The Democrats' legislation gives the Securities and Exchange Commission (SEC) the ability to define the term… Read more »