Press Releases

The Financial Services Committee will hold a hearing on Thursday to examine reforms needed to improve accountability and the effectiveness of the Securities and Exchange Commission. While the agency experienced a tripling of its budget from 2000 to 2010, shortcomings and failures of the SEC came to light as the financial crisis unfolded, including the agency’s failure to detect the… Read more »

Financial Services Committee Chairman Spencer Bachus made the following statement today during a Subcommittee hearing entitled “Ensuring Appropriate Regulatory Oversight of Broker-Dealers and Legislative Proposals to Improve Investment Adviser Oversight." "Thank you, Chairman Garrett, for convening this important hearing to examine Sections 913 and 914 of the Dodd-Frank… Read more »

WASHINGTON -The Financial Institutions and Consumer Credit Subcommittee, chaired by Rep. Shelley Moore Capito, will hold a hearing on Wednesday to examine the cyber security threat to the nation’s financial sector. During the hearing, the Subcommittee will examine the threats hackers pose to financial institutions and government agencies, the methods used by hackers to breach… Read more »

The Capital Markets and Government Sponsored Enterprises Subcommittee, chaired by Rep. Scott Garrett, will convene for a hearing to evaluate the need for a new standard of care for broker-dealers and a legislative proposal aimed at improving the oversight of  investment advisers. Section 913 of the Dodd-Frank Act authorized but did not require the Securities and Exchange… Read more »

Republicans on the Financial Services Committee, concerned that the increasing regulatory burden is hurting job creation, are questioning Treasury Secretary Timothy Geithner on whether the Administration is living up to a promise it would “streamline and simplify” regulations when implementing the Dodd-Frank Act. During a news conference in the Capitol on Thursday, Committee Chairman… Read more »

The Financial Services Committee’s ongoing efforts to build a stronger housing finance system free of taxpayer guarantees will bring several of its members to New York City next week for a subcommittee field hearing. The Capital Markets and Government Sponsored Enterprises Subcommittee, which is spearheading the committee’s efforts to end the bailout of Fannie Mae and Freddie Mac, will… Read more »

The Financial Services Oversight and Investigations Subcommittee will meet in New York City on September 6 to evaluate the federal government’s efforts to track down and stop the financing of terrorists. As part of the government’s response to the September 11, 2001 terror attacks, Congress created the Office of Terrorism and Financial Intelligence within the Treasury Department. … Read more »

WASHINGTON - The Financial Services Committee is facing a busy first half of September with 11 hearings over the course of seven days on topics ranging from terrorist financing to reform of the Securities and Exchange Commission. On Friday, Chairman Spencer Bachus announced the committee’s tentative hearing schedule for the first half of September.  Witnesses for the hearings will… Read more »

The Financial Institutions and Consumer Credit Subcommittee will meet in Newnan, Georgia next week to ask community bankers and regulators if overly stringent federal bank examination standards are impeding an economic recovery. Complaints from small business owners and bankers that regulatory standards are being applied in ways that inhibit bank lending have become so common the… Read more »

Financial Services Committee Chairman Spencer Bachus is drafting legislation to restructure the Securities and Exchange Commission and implement reforms recommended by the SEC’s Inspector General, the Government Accountability Office and a consultant’s report mandated by the Dodd-Frank Act. Chairman Bachus emphasized that the reform proposal should not be interpreted as criticism of SEC… Read more »