-Oversight and Government Reform Committee Ranking Member Darrell Issa (R-CA) and Financial Services Committee Ranking Member Spencer Bachus (R-AL) sent a letter to Housing Secretary Shaun Donovan requesting information on the financial health of the Federal Housing Administration (FHA). FHA recently announced that its annual independent actuarial study is expected to show the… Read more »
Statement of Congressman Spencer Bachus, the top Republican on the Financial Services Committee, on reports that CIT has filed for Chapter 11 bankruptcy protection: "Today's news that CIT has filed for bankruptcy protection, and that taxpayers' $2.33 billion TARP investment in the company is likely to be completely wiped out, highlights the folly of a legislative proposal that… Read more »
- At a House Financial Services Committee hearing today on the Obama Administration's 253 page draft legislation to reform the financial regulatory system, Members of the Committee and witnesses alike admitted to not having had a chance to read the complex proposals which the Committee is scheduled to begin voting on next week. Responding to a question from Ranking Member Spencer… Read more »
- Congressman Spencer Bachus, the Ranking Republican on the House Financial Services Committee, made the following response to Chairman Barney Frank's statement that "Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection." Ranking Member Bachus… Read more »
- Financial Services Committee Republicans, led by Ranking Member Spencer Bachus, urged Chairman Barney Frank to allow more time to study and understand the 253-page draft legislation released on October 27 before the Committee considers the legislation. Frank announced that the Committee will mark up the legislation as early as Tuesday, November 3, only a week after the draft… Read more »
- Congressman Spencer Bachus, the Ranking Republican on the House Financial Services Committee, today raised strong objections to legislation submitted by the Obama Administration and released by Committee Chairman Barney Frank to reform the financial regulatory structure. The sweeping proposal calls for establishing a so-called "resolution authority" that promotes… Read more »
- During consideration of H.R. 3818, the Private Fund Investment Advisers Registration Act, Financial Services Committee Ranking Member Spencer Bachus offered an amendment that protects the fiduciary obligations that investment advisers owe their clients. The Democrats' legislation gives the Securities and Exchange Commission (SEC) the ability to define the term… Read more »
- The Financial Services Committee approved an amendment by Ranking Member Spencer Bachus to H.R. 3890, the Accountability and Transparency in Rating Agencies Act, that will help restore market discipline and promote greater investor due diligence. The amendment, which is part of the Republican regulatory reform plan (H.R. 3310) that was introduced by Representative Bachus last… Read more »
- The Financial Services Committee today approved an amendment by Ranking Member Spencer Bachus and Capital Markets Subcommittee Ranking Member Scott Garrett to H.R. 3890, the Accountability and Transparency in Rating Agencies Act, that will reduce the reliance on credit ratings by investors. The amendment, which is based on the Republican regulatory reform plan (H.R. 3310) that was… Read more »
- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted to pass an amendment offered by Rep. Maxine Waters (D-CA) that will make ACORN eligible to play a role in setting regulations for financial institutions. The Waters amendment adds to the CFPA Oversight Board 5… Read more »
