Press Releases

Ranking Member Spencer Bachus (AL) today made the following statement regarding the Securities and Exchange Commission announcement of actions to prevent the spread of false information to manipulate stock prices. "The announcement by the SEC that they and FINRA are undertaking sweep examinations of broker-dealers and investment advisers to prevent the spreading of false or… Read more »

Ranking Member Spencer Bachus (AL) made the following statement today regarding Fannie Mae and Freddie Mac. Ranking Member Spencer Bachus said, "I have spoken to Secretary Paulson and Director Lockhart as late as this afternoon and they continue to assure me Fannie and Freddie are adequately capitalized.  I have complete confidence that they are on top of the situation, and… Read more »

Today, Ranking Member Spencer Bachus (AL) made the following statement regarding the Securities and Exchange Commission's results of their examination into the three major credit rating agencies. Ranking Member Bachus said, "This examination report is yet another reminder of the need for increased transparency and accountability in the credit ratings process. Credit ratings play… Read more »

Following yesterday's Committee defeat of legislation designed to repeal the Unlawful Internet Gambling Enforcement Act, Ranking Member Spencer Bachus urged Treasury and the Federal Reserve to finalize rules implementing the Act in a letter. Click here for a copy of Ranking Member Bachus's letter. # # # Read more »

Ranking Member Spencer Bachus (AL) released the following statement regarding the Committee's defeat of legislation to block the implementation of regulations to enforce the Unlawful Internet Gambling Enforcement Act (UIGEA). Ranking Member Bachus said, "Today's vote was a victory for young people because illegal Internet gambling brings the casino into their bedrooms and dorm… Read more »

American Banker After a decade of taking billions of dollars illegally from American consumers, offshore internet gambling interests have spent millions over the last two years on lobbying to overturn the law that would shut them down. Unfortunately, their efforts to recapture illicit profits might work. This week the House Financial Services Committee will consider a bill to block… Read more »

Ranking Member Spencer Bachus (AL) released the following statement regarding the Securities and Exchange Commission’s (SEC) approval of a one year extension for small businesses. Ranking Member Bachus said, “I commend the SEC for extending the deadline for small businesses to comply with Section 404, a step I urged them to take last December.  “The… Read more »

Ranking Member Spencer Bachus (AL) today commented on actions by the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) to investigate fraud in the mortgage lending industry. Ranking Member Bachus said, “For far too long unscrupulous brokers and lenders have thrived because of the lack of adequate oversight and enforcement. The efforts by the DOJ and the… Read more »

Republican Members of the House Financial Services Committee led by Ranking Member Spencer Bachus (AL) today urged the Committee to focus on the rising cost of high energy prices and the burden it creates on our economy.    Ranking Member Bachus said, "It is time for Congress and this Committee to focus on solutions that will help American families that have been… Read more »

Ranking Member Spencer Bachus (AL) today released the following statement on the Securities and Exchange Commission's (SEC) proposed rules relating to Nationally Recognized Statistical Rating Organizations (NRSROs). "Today's action by the SEC is a vital step to begin restoring confidence in the ratings issued by NRSROs.  Inaccurate credit ratings played a major role in the… Read more »