Press Releases

“There has been no specific agreement between Chairman Frank and me regarding the inclusion of any provision in subprime lending reform legislation.  Since March of 2006, I have stated that a workable national standard on assignee liability would be helpful in any subprime reform and that the New Jersey statute provisions on assignee liability have been shown to be effective… Read more »

Biggert bill to increase homeownership and enact comprehensive reforms; Ranking Member Bachus lends support Rep. Judy Biggert (R-IL), Ranking Member of the House Financial Services Subcommittee on Housing and Community Opportunity, has reintroduced legislation that would increase homeownership rates in the U. S. by modernizing the way in which the 73-year-old Federal Housing… Read more »

“On March 22, the New York Stock Exchange replied to my letter requesting information about the extraordinary events that occurred on February 27.  Their initial response describes some of the remedial actions taken by the NYSE to reduce the likelihood of an event of this significance happening again.” # # # Read more »

“We have a moral imperative to change the standard of public housing, and not only in New Orleans but throughout the country.  We can do better than simply warehousing families in failed large housing projects in crime-ridden communities. Our vision should be vibrant mixed-use communities with good housing, safe streets, and strong schools. “For these reasons, even… Read more »

“As the ranking member of the House Financial Services Committee, I’m concerned that higher taxes and excessive government spending will slow the economy and make us less competitive internationally. We’re enjoying solid economic growth and low unemployment, and Democrats shouldn’t tamper with that by returning to their failed tax-and-spend ways.” # # # Read more »

"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 »