Press Releases

House Financial Services Committee Ranking Member Spencer Bachus has announced his sponsorship of bipartisan legislation to combat predatory lending practices. Bachus will now be a co-sponsor of the manager's amendment to The Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915). "The most important fact about this compromise is that it has significant new safeguards… Read more »

"Chairman Frank should be commended for introducing legislation to address the current problems in the mortgage market. House Republicans look forward to a vigorous discussion on the Chairman's bill and related proposals. "There is a bipartisan recognition of the need to address the problems associated with predatory lending. In July, several Committee Republicans and I… Read more »

"The TRIA reauthorization bill passed by the Senate Banking Committee earlier today represents a good deal that protects consumers and taxpayers. "TRIA is necessary to keep our commercial insurance markets functioning well, despite the ongoing threat of terrorism. As an original co-author of TRIA, I have always supported its reauthorization. Unfortunately, the extension… Read more »

"Last April, Chairman Frank and I asked the Government Accountability Office to analyze the scope and magnitude of recent default and foreclosure trends. The GAO has completed and released its report on this very important issue. The GAO's data will help us better understand the complexities of the mortgage market. Its findings and analysis will be useful as we discuss legislative… Read more »

"Democratic complaints about a lack of progress on subprime lending reform ring hollow in the face of recent history. "The fact is that Democrats have failed on at least two occasions to move a subprime lending reform bill. On September 28, 2006, I circulated a subprime legislative draft to then-Ranking Member Frank and other House Democrats. No feedback to this draft was… Read more »

House Financial Services Committee Ranking Member Spencer Bachus (R-6th, AL) announced that Rep. Kevin McCarthy (R-22nd., CA) has been appointed to serve as the newest Republican member of the House Financial Services Committee. Rep. McCarthy will serve on the Financial Institutions and Consumer Credit, Housing and Community Opportunity, and Oversight and Investigations subcommittees. … Read more »

"Let me congratulate NASDAQ and Borse Dubai on their announced plans to create a global financial marketplace with operations in the U.S., Europe and the Middle East. This is a win-win for both exchanges. NASDAQ's brand is respected world-wide, and Borse Dubai's investment in NASDAQ is exactly the kind of foreign investment we should foster and encourage." Read more »

Bachus proposal draws favorable reaction During a hearing into the nation’s subprime lending situation, Treasury Secretary Paulson described as “a constructive step” a proposal made by Ranking Member Bachus to require “uniform standards” for mortgage originators. This proposal is a major component of legislation offered by Rep. Bachus to protect… Read more »

Representative Spencer Bachus (R-6th, Alabama), Ranking Member of the House Financial Services Committee, today announced the following changes among subcommittee ranking members: • Rep. Judy Biggert (R- 13th, IL) will serve as Ranking Member of the Subcommittee on Financial Institutions and Consumer Credit, filling the vacancy created by the untimely death of Rep. Paul Gillmor. … Read more »

“Paul's friends and colleagues on the Hill are all deeply saddened at the news of his sudden death. He was a gentleman and friend as well as a capable legislator on behalf of the people of Ohio. “As a small town banker, Paul was an effective advocate for mainstream financial institutions and the customers they serve. His service to the Committee and our country will be… Read more »