Press Releases

- Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, issued the following statement regarding Goldman Sachs' announcement that it will be returning $10 billion in TARP funds: "Goldman Sachs' announcement that it intends to return $10 billion in TARP funds to the Treasury - and the fact that taxpayers can expect a substantial return on their… Read more »

Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, issued this statement regarding legislation he introduced to prevent TARP recipients from gaming the Public-Private Investment Program: "If reports circulating in the financial press are accurate that financial institutions are colluding to swap assets at inflated prices using taxpayers' dollars, the… Read more »

Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, who has played a leading role in working to ensure that financial accounting rules do not worsen the current economic downturn, issued this statement on the Financial Accounting Standards Board's (FASB) adoption of modifications to mark to market rules: "Today's announcement that the FASB will be… Read more »

Democrats $3.6 Trillion Budget Spends, Taxes, and Borrows Too Much          "Republicans offered solutions in our budget aimed at creating jobs and economic growth, not more government and not more unaffordable debt." - Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, today supported the Republican… Read more »

"The plan is structured to transfer, as much as possible, the losses on bad assets to taxpayers" "The only thing certain is that a great deal of taxpayer money is on the line" "Letting bureaucrats and politicians direct our economy isn't the end to our troubles. It's only the beginning" National Review, Editorial: "In the Market for a Better Banking… Read more »

In response to a number of requests, this is the unofficial transcript of the exchange between Congressman Spencer Bachus and Treasury Secretary Tim Geithner regarding AIG making its counterparties whole during the Financial Services Committee hearing on March 24th.  BACHUS: Thank you. Secretary Geithner, on September 14th, you and Secretary Paulson met with AIG to discuss… Read more »

Domestic Banks Are Being Disadvantaged, While American Tax Dollars Are Shipped Overseas Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, wrote Chairman Barney Frank (MA), urging the Committee to evaluate AIG's counterparty payments, and issued this statement: "Earlier this week we heard from Secretary Geithner, who acknowledged that AIG… Read more »

Resolution Aims to Hold Administration Accountable for Bailout, Bonuses and Increase Transparency - Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, issued this statement following the Committee's unanimous, 64-0 vote approving the LaTourette-McCotter Resolution of Inquiry, which requires Treasury Department to disclose all documentation related to the… Read more »

Many people continue to ask in connection with the AIG bonuses who knew what and when. Most of those questions have been answered. Click here for a timeline that establishes the relevant facts known to date, not only about the AIG bonuses, but also the course of events of the AIG intervention. ### Read more »

"The American people are struggling to make ends meet during this economic crisis and are angry that their money continues to be taken from them and given to a few large companies on Wall Street.  "As with the Paulson plan offered last fall, the administration's biggest challenge is in pricing the ‘toxic assets.' Even though this is being characterized by the… Read more »