- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted against an amendment offered by Congressman Jeb Hensarling (R-TX) that would have ensured that consumers of financial products and services benefit from uniform national standards. The amendment would also promote… Read more »
-During consideration of H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency, Democrats on the House Financial Services Committee rejected an amendment offered by Congressman Ed Royce (R-CA) that would address widespread concerns from bank regulators and industry experts that the legislation will undermine the safety and soundness of our nation's financial… Read more »
- Last week, the Financial Services Committee convened for a markup session of H.R. 3795, the Democrats' derivatives legislation and H.R. 3126, legislation to create a Financial Product Approval Agency. Excerpts from the last week's markup follow: Democrats On The Need To Continue Using Taxpayer Funds To Wind Down ‘Systemically Important' Firms: During considering of H.R.… Read more »
- During consideration of H.R. 3126, legislation to create a Financial Product Approval Agency, Democrats on the House Financial Services Committee rejected an amendment offered by Congressman Jeb Hensarling (R-TX) that would have offered real exemptions for small banks and credit unions from the Financial Product Approval Agency. As Committee Chairman Barney Frank noted, community… Read more »
- During consideration of H.R. 3126, legislation to establish a Financial Product Approval Agency, Democrats on the House Financial Services Committee voted against an amendment offered by Congresswoman Judy Biggert (R-IL) that offers real consumer protection without creating a new government bureaucracy with unlimited authority to tax consumers and businesses. The Biggert… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today during consideration of the ‘tricks and traps' amendment offered by Rep. Brad Miller. "Mr. Chairman, the amendment purports to carveout small institutions from the regulatory dragnet of the CFPA. "The carveouts in this amendment are illusions.… Read more »
Bachus Amendments Offered To Derivatives Legislation Accepted By The Committee -Ranking Member Spencer Bachus made the following statement today after the Committee passed H.R. 3795, the Democrats' derivatives legislation. During the Full Committee mark up of H.R. 3795, Ranking Member Bachus offered three amendments to reduce the adverse effects on the economy and add some protection… Read more »
Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today regarding the President's speech on the proposed Financial Services Product Approval Agency. "The Obama Administration and House Democrats have proposed creating a massive new government bureaucracy with unrestrained power to ration credit and undermine… Read more »
- Ranking Member Spencer Bachus, the top Republican on the Financial Services Committee, introduced legislation today to prohibit financial institutions receiving assistance under the Troubled Asset Relief Program (TARP) from funding the Association of Community Organizations for Reform Now (ACORN) or any of its affiliates. "Taxpayers should not be forced to finance the… Read more »
- House Financial Services Committee Ranking Member Spencer Bachus (R-AL), Oversight and Government Reform Committee Ranking Member Darrell Issa (R-CA) and Judiciary Committee Ranking Member Lamar Smith (R-TX) sent a letter today to financial institutions requesting full and complete disclosure of funds provided to the Association of Community Organizations for Reform Now (ACORN), and… Read more »
