Calls for Government Intervention ‘Exit Strategy' - Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement regarding Treasury Secretary Timothy Geithner's speech on the Obama Administration's Troubled Assets Relief Program (TARP) proposals: "No one underestimates the economic challenges that confront us. The issue is… Read more »
- Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, said today that a failure of the Securities and Exchange Commission (SEC) to investigate credible charges is a common thread between the notorious Bernard Madoff Ponzi Fraud case and Jefferson County's sewer bond swaps. Bachus drew the comparison during his questioning of whistleblower Harry… Read more »
- As indicated in today's Government Accountability Office (GAO) TARP report entitled "Status of Efforts to Address Transparency and Accountability Issues", House Financial Services Committee Ranking Member Spencer Bachus (R-AL) and Congressman Paul E. Kanjorski (D-PA), the Chairman of the Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored… Read more »
Today, the House Financial Services Committee held a formal organizational meeting, establishing subcommittee seats and ranking members positions. Congressman Spencer Bachus (R-AL), the Ranking Republican Member, issued the following statement: "I'm very excited about the talented new and freshman members who will bring diverse professional backgrounds and views to this… Read more »
Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, released the following statement today after the House passed a resolution disapproving the release of the remaining $350 billion Troubled Asset Relief Program (TARP) funds: "Before another TARP dollar is spent, the Obama Administration needs to come to Congress and the American people With a… Read more »
Ranking Member Spencer Bachus delivered the following remarks at the Women in Housing and Finance group today. Hello and good afternoon. Thank you Mary Martha for the thoughtful introduction. It is a great honor to speak at what has become one of the premier venues for congressional leaders from both parties and chambers to discuss our economic challenges and landscapes. The swearing… Read more »
Committee Republican Leadership, led by Ranking Member Spencer Bachus, sent a letter today to Chairman Frank urging him to follow regular order and postpone floor consideration of his TARP bill and schedule a Committee mark up. "The original TARP was considered and enacted in a panicked rush to judgment. We are again moving far too quickly in considering whether to approve the… Read more »
Congressman Spencer Bachus, Ranking Member of the Financial Services Committee, made the following statement today regarding the request on behalf of President-elect Obama to receive the $350 billion remaining under TARP. Ranking Member Bachus said, "The economy is in a recession and many Americans are struggling to make ends meet, which is exactly why I feel we should proceed… Read more »
Following is the consensus view of the Republican Committee leadership regarding the TARP program. COMMITTEE TARP POSITION A majority of House Republicans opposed the TARP from the outset because it left the American taxpayer on the hook to pay for a $700 billion dollar bailout and injected government into private sector corporations and the free market. Those Republicans who… Read more »
Congressman Spencer Bachus (AL), Ranking Member of the House Financial Services Committee, made the following statement in response to a New York Times article detailing the ongoing investigations into wrongdoing in the municipal bond market. Ranking Member Bachus said, "For 12 years I have been calling for greater disclosure and transparency in the municipal bond market. In… Read more »
