Press Releases

"U.S. Department of Housing and Urban Development Budget Request for FY 2008" Let me begin by welcoming Secretary Jackson back to the Committee to discuss the state of America's housing markets and to report on the President's budget proposal for the Department of Housing and Urban Development.  One of Secretary Jackson's main priorities since assuming his… Read more »

“I commend Citigroup for taking this significant step in improving its practices and for leading the industry in the right direction in being fair and transparent with its customers.  I have been concerned about these issues for some time now and I am pleased to see companies taking these concerns seriously and making proactive changes.” # # # Read more »

Contact: Steve Adamske, Chairman Frank, 202-225-7141 Richard Cross, Ranking Member Bachus, 202-226-0471 Chairman, Ranking Member ask Agriculture Committee leaders to consult with them on legislation to expand the program In correspondence to their counterparts on the House Agriculture Committee, House Financial Services Chairman Barney Frank (D-Massachusetts) and Ranking… Read more »

Ask NYSE, Dow Jones CEOs to explain whether trading system problems contributed to the “precipitous drop” in the stock market on February 27 Rep. Spencer Bachus (R-Alabama) and Rep. Deborah Pryce (R-Ohio) have asked two key Wall Street executives to explain whether technical problems contributed to the 416 point drop in the Dow Jones Industrial Average (DJIA) experienced… Read more »

Today, by a vote of 412 to 0, the House of Representatives approved H.R. 755, the Promoting Transparency in Financial Reporting Act sponsored by Rep. Geoff Davis (R-KY).  The legislation would require testimony before the Financial Services Committee by the Chairmen of the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the Public… Read more »

Review of “Regulation Z” has been underway since 2004 House Financial Services Ranking Member Spencer Bachus has urged the Board of Governors of the Federal Reserve to complete its first review of credit card disclosure requirements in over two decades. In correspondence to Federal Reserve Chairman Ben Bernanke, Bachus and Rep. Paul Gillmor (R-OH) – ranking… Read more »

Panel accepts Bachus proposal to exercise Committee oversight            During its first full markup of the 110th Congress, the House Financial Services Committee accepted an amended version of a proposal offered by Ranking Member Spencer Bachus (R-6th., Alabama) to extend the panel’s oversight activities to include major data… Read more »

“Let me take a moment to congratulate departing Federal Reserve Governor Susan Bies for a job well done. Since assuming her Fed duties in December 2001, she has performed them with tremendous skill and energy.  Through my personal dealings with her, I have always been impressed by her professionalism and keen intellect.  As a former senior executive at First Tennessee in… Read more »

“President Bush’s plan to balance the federal budget by 2012 without raising taxes represents a strong and necessary step forward for our nation’s financial services industry.   At a time when America is facing energetic competition from growing financial markets in Europe and Asia, balancing the budget will help boost confidence in the long-term health of… Read more »

Expresses concern the proposal amounts to “a tax on lower and middle class homeowners” In correspondence to House Financial Services Chairman Barney Frank (D-Massachusetts), Ranking Member Spencer Bachus stated his opposition to a proposal to use the after-tax income of Government Sponsored Enterprises (GSEs) to create an “affordable housing fund.” … Read more »