Press Releases

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, released the following statement and documents today after receiving numerous inquiries from reporters on his proposals to help the financial markets. “During meetings in the past two weeks on legislative solutions to help the financial markets, I proposed various solutions to my colleagues to… Read more »

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, made the following statement this afternoon in support of an amendment to the Emergency Economic Stabilization Act calling for congressional approval of any expenditures beyond $250 billion and the elimination of pork-barrel projects added by the Senate: First, it is my belief that it is prudent to… Read more »

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, today urged the Securities and Exchange Commission (SEC) to thoroughly review the Financial Accounting Standards Board's (FASB) proposed changes to rules governing the treatment of certain contingent liabilities. Ranking Member Bachus requested that the SEC delay action on the proposed changes and… Read more »

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, urged Chairman Barney Frank in a letter today to convene hearings on fair value or “mark to market” accounting and the extent to which these standards may have exacerbated the current credit crunch. Ranking Member Bachus also recommends that the hearings examine whether reforms to FAS 157… Read more »

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, made the following statement today welcoming the news of allowing for the legislation to be made available at least 24 hours before congressional action. Ranking Member Bachus said, “The fact that this proposed legislation will be published for all Members and the public to see prior to a vote… Read more »

Click here to view the financial markets legislation the House of Representatives is scheduled to consider. ### Read more »

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, released the following statement today regarding financial markets legislation. "Because of the complexities of the legislation we are considering, it should be published at least 24 hours before any congressional vote.  While we realize the magnitude of the economic challenges we face,… Read more »

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, made the following statement today: "As I made clear in the meeting this morning, I was not authorized by my colleagues to make any agreement on behalf of House Republicans. "There was progress on many issues, but no agreement other than to continue discussions." # # # Read more »

On behalf of House Financial Services Committee Republicans, Ranking Member Spencer Bachus today sent a letter to Speaker Nancy Pelosi (CA) requesting that she testify at Wednesday’s Committee hearing on the state of the credit markets to discuss the legislative proposal currently under consideration and alternatives to bailouts being considered to address the market turmoil. … Read more »

Ranking Member Spencer Bachus announced that 27 Republican Members of the Financial Services Committee and senior staff met for three hours tonight to discuss the complexities of the current market situation and the proposed legislation to address that issue which will be the subject of a hearing on Wednesday. Ranking Member Bachus said, "Members were in agreement that the effect… Read more »