Press Releases

 The failure of the Democrats to even consider meaningful reforms to fix Fannie Mae and Freddie Mac - the two government sponsored entities at the heart of the financial crisis that are propped up by unlimited taxpayer support - is irresponsible, and a total abdication of congressional responsibility.  But after 18 months of lip service, the new… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement today regarding the announcement by the Administration that it will convene a conference on the future of housing finance next month. "The Administration continues to drag its feet in providing Americans with a much-needed exit strategy from Fannie Mae and Freddie Mac. Instead of ending the GSE… Read more »

- Financial Services Committee Ranking Member Spencer Bachus questioned the timing of the Democrats' rushed "Wall Street" reform bill as the Obama administration released an annual report today showing this year's deficit will be the largest in history, at $1.47 trillion.  "The rush for the most overreaching reform of our nation's economy came at a time when the… Read more »

  July 22, 2010 - Financial Services Committee Ranking Member Spencer Bachus today made the following statement during the Full Committee hearing with Federal Reserve Chairman Ben Bernanke on the state of the economy. Click here to view the video of Ranking Member Bachus' remarks. "Thank you, Chairman Bernanke, for joining us this morning to provide the Committee with… Read more »

- In response to questions from Financial Services Committee Ranking Member Spencer Bachus on the potential for Democrat tax increases and ways to address the dangerous level of national debt, Federal Reserve Chairman Ben Bernanke admitted the U.S. has "done absolutely nothing" to develop a credible plan for a fiscal exit strategy.  Bernanke agreed that today's current… Read more »

  July 21, 2010 - Financial Services Committee Ranking Member Spencer Bachus today said the American economy is already suffering from collateral damage based on sloppy provisions in the Dodd Frank Act signed into law today.  A change forged by Rep. Mary Jo Kilroy (D-OH) exposes the nation's three major credit ratings agencies to unlimited potential civil litigation, causing… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement during a committee hearing on H.R. 2267. "The timing of today's hearing on Chairman Frank's proposal to legalize gambling over the Internet strikes some of us as ironic, to say the least.  After all the talk during the last year about shutting down the casinos on Wall Street, it does not make… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement today as President Obama signed the Dodd-Frank Act into law. "Just like with health care, the legislation the President signed into law today is a government takeover of the economy.  The President and Democrats today gave financial regulators the power to create years worth of financial… Read more »

- Financial Services Committee Ranking Member Spencer Bachus made the following statement regarding the quarterly report to Congress by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP). The SIGTARP found that taxpayers stand behind $6 trillion of Fannie Mae and Freddie Mac's debt obligations. Additionally, the SIGTARP reported that Treasury's commitment to… Read more »

  July 20, 2010 - Financial Services Committee Ranking Member Spencer Bachus made the following statement today during the Capital Markets Subcommittee hearing entitled, "Oversight of the U.S. Securities and Exchange Commission: Evaluating Present Reforms and Future Challenges."  In April, Ranking Member Bachus and Capital Markets Subcommittee Ranking Member Scott Garrett… Read more »