Press Releases

Congressman Spencer Bachus was an original cosponsor of bipartisan legislation to enhance investor protection and the competitiveness of our capital markets. The legislation, H.R. 6513, the Securities Act of 2008, was approved by the House of Representatives yesterday. Congressman Spencer Bachus said, "This bill provides new protections for investors during a very tumultuous time… Read more »

Ranking Member Spencer Bachus (AL) made the following statement today regarding the Department of the Treasury's four part plan for Fannie Mae and Freddie Mac. Ranking Member Bachus said, "We must all hope that the actions announced today by Secretary Paulson will have the desired effect of stabilizing our mortgage lending markets and protecting American taxpayers. … Read more »

Ranking Member Spencer Bachus (AL) today made the following statement regarding Treasury's plans for Fannie Mae and Freddie Mac. Ranking Member Bachus said, "Stability in the mortgage lending markets is critical.  Ultimately, what the markets need is a long-term resolution of the status of Fannie and Freddie." Read more »

Ranking Member Spencer Bachus released the following statement commending the Financial Accounting Standards Board's (FASB) decision to extend their timeline for changes to FASB Statement 140 and Interpretation 46(R).  Ranking Member Bachus said, "FASB's decision to delay their proposed rules is welcome news and will allow regulators and market participants to fully evaluate… Read more »

Ranking Member Spencer Bachus sent a letter on July 22, 2008, to the Chairmen of the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) expressing concern regarding their proposed timeline and anticipated changes to FASB Statement 140 and Interpretation 46(R).   Bachus recommends the SEC and FASB extend the deadline for changes to… Read more »

Financial Services Committee Republicans, led by Ranking Member Spencer Bachus, sent a letter today to President Bush asking him to reconsider his position on H.R. 3221, the Housing and Economic Recovery Act of 2008 Click here for a copy of the letter.  # # #   Read more »

  Ranking Member Spencer Bachus urged the Securities and Exchange Commission in a letter yesterday to extend their emergency order intended to curb naked short selling. In the letter, Bachus also asked the SEC to consider expanding the emergency order to include additional financial institutions. Click here for a copy of the letter. # # #       Read more »

Ranking Member Spencer Bachus (AL) today released the following statement regarding the federal deposit insurance system, increased protections for retirement savings, and the Federal Deposit Insurance Reform Act that he helped author during the 109th Congress. Ranking Member Bachus said, "The deposit insurance reforms enacted in 2006 are serving the system and the nation well as… Read more »

Ranking Member Spencer Bachus (AL) urged Chairman Barney Frank in a letter yesterday to allow for an adequate analysis of the Treasury Department's proposal regarding Fannie Mae and Freddie Mac. Click here for a copy of Ranking Member Bachus's letter. # # #   Read more »

Ranking Member Spencer Bachus (AL) today made the following statement regarding the Securities and Exchange Commission announcement of actions to prevent the spread of false information to manipulate stock prices. "The announcement by the SEC that they and FINRA are undertaking sweep examinations of broker-dealers and investment advisers to prevent the spreading of false or… Read more »