– To protect taxpayers and family savings, Congressman Spencer Bachus (Ala.), the top Financial Services Committee Republican, and Missouri Congressman Roy Blunt (Mo.) today sent a letter to Securities and Exchange Commission (SEC) Chair Mary Schapiro urging her to adopt commonsense accounting changes so companies can value assets by their real worth, not an artificially… Read more »
- Today, Bernard Madoff - who ran a reported $65 billion Ponzi scheme - pleaded guilty to 11 federal criminal charges, including money laundering and theft. Following the announcement, Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement: "Madoff perpetrated the largest financial scam in history, resulting in a near $65… Read more »
- At today's Capital Markets Subcommittee hearing, Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, demanded the Financial Accounting Standards Board (FASB) act expeditiously on commonsense modifications to mark-to-market rules that could help with the current financial crisis. Quoting an anecdote described by Congressman John Lewis (D-GA) in his… Read more »
"Thursday's hearing on mark-to-market accounting, which I first requested last October, will be one of the most important hearings that the Financial Services Committee will hold this year, and it could not be more timely. Last fall, I worked with Congressman Roy Blunt to add a provision to the economic rescue legislation requiring the Securities and Exchange Commission (SEC) to… Read more »
Today, Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement: "Warren Buffett's recent comments that markets are confused and fearful are right on point. Contributing to the current market confusion and fear is the constant stream of inconsistent, inaccurate and exaggerated statements concerning our economy and financial… Read more »
- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement on the Obama Administration's budget proposal to Congress: "Working-class American families are struggling to make ends meet. And rather than tightening the budget, like families across the nation have been forced to, the Obama Administration's spending priorities call… Read more »
Throwing Good Taxpayer Money After Bad Will Not Solve Our Economic Problems • "Bankruptcy cram-down provisions included in this bill will further reward poor decisions made by a small amount of individuals and lenders, while adding uncertainty to the market and increasing mortgage costs for the vast majority of Americans." February 26, 2009 -… Read more »
- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, and Judiciary Committee Ranking Member Lamar Smith (R-TX) have sent a letter to Treasury Secretary Timothy Geithner raising concerns about the Obama administration's plan to allow judicial modifications of home mortgages during bankruptcy. Ranking Members Bachus and Smith were joined in sending… Read more »
- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement following President Barack Obama's speech laying out his administration's plan to address the housing crisis: "I applaud the president for his commitment to help keep American families in their homes. However, I strongly urge him to ensure that borrowers and lenders who… Read more »
Full of Non-Stimulative Wasteful Washington Spending, Measure Relies Entirely on Borrowing "The decisions we make today have long-term consequences. Today we are being rushed to make atrillion-dollar decision that will affect every American taxpayer for decades" - Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, released this statement… Read more »
