- During consideration of H.R. 3126, legislation to create a Financial Product Approval Agency, Democrats on the House Financial Services Committee rejected an amendment offered by Congressman Jeb Hensarling (R-TX) that would have offered real exemptions for small banks and credit unions from the Financial Product Approval Agency. As Committee Chairman Barney Frank noted, community… Read more »
- During consideration of H.R. 3126, legislation to establish a Financial Product Approval Agency, Democrats on the House Financial Services Committee voted against an amendment offered by Congresswoman Judy Biggert (R-IL) that offers real consumer protection without creating a new government bureaucracy with unlimited authority to tax consumers and businesses. The Biggert… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today during consideration of the ‘tricks and traps' amendment offered by Rep. Brad Miller. "Mr. Chairman, the amendment purports to carveout small institutions from the regulatory dragnet of the CFPA. "The carveouts in this amendment are illusions.… Read more »
Bachus Amendments Offered To Derivatives Legislation Accepted By The Committee -Ranking Member Spencer Bachus made the following statement today after the Committee passed H.R. 3795, the Democrats' derivatives legislation. During the Full Committee mark up of H.R. 3795, Ranking Member Bachus offered three amendments to reduce the adverse effects on the economy and add some protection… Read more »
Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today regarding the President's speech on the proposed Financial Services Product Approval Agency. "The Obama Administration and House Democrats have proposed creating a massive new government bureaucracy with unrestrained power to ration credit and undermine… Read more »
- Ranking Member Spencer Bachus, the top Republican on the Financial Services Committee, introduced legislation today to prohibit financial institutions receiving assistance under the Troubled Asset Relief Program (TARP) from funding the Association of Community Organizations for Reform Now (ACORN) or any of its affiliates. "Taxpayers should not be forced to finance the… Read more »
- House Financial Services Committee Ranking Member Spencer Bachus (R-AL), Oversight and Government Reform Committee Ranking Member Darrell Issa (R-CA) and Judiciary Committee Ranking Member Lamar Smith (R-TX) sent a letter today to financial institutions requesting full and complete disclosure of funds provided to the Association of Community Organizations for Reform Now (ACORN), and… Read more »
-Financial Services Committee Republicans today called on HUD's Inspector General Kenneth Donohue to immediately conduct a thorough audit of the Association of Community Organizations for Reform Now's (ACORN) use of federal funds. "We are writing to you to express our serious concerns that the Association of Community Organizations for Reform Now (ACORN) has and may be… Read more »
Financial Services Committee Ranking Member Spencer Bachus issued the following statement today after the House of Representatives voted to eliminate federal funding for ACORN, a far left activist group linked to voter registration fraud and other potential criminal activities. "Today's successful vote to stop funding for ACORN is a culmination of House Republican work to protect… Read more »
Ranking Member Bachus said, "We have a duty to ensure the government's investment in companies is temporary and the return for taxpayers is appropriate. Political interference should have no role in the government's management of these assets because it provides no benefit to the taxpayers. That is why it is important that independent and professional trustees manage these assets… Read more »
