-Congressman Spencer Bachus, the top Republican on the Financial Services Committee, today called for an end to federal funding for ACORN, a leftwing activist group linked to voter registration fraud and other criminal activity. Bachus today became an original cosponsor of the Defund ACORN Act, which would eliminate all ties, including financial support, between the government and the… Read more »
"President Obama attempted to seize upon the one-year anniversary of the Lehman Brothers bankruptcy to try to breathe life into his flagging financial regulatory reform effort. Unfortunately, he has failed to put forward constructive proposals to address the lessons learned from the events of September 2008, and the solutions being offered would in many respects make matters… Read more »
The legislation harmonizes and applies uniform standards to the nonadmitted insurance and reinsurance marketplace. It also requires uniform eligibility standards for non-admitted insurers and allows sophisticated commercial insurance purchasers more direct access to the surplus lines market. Ranking Member Bachus, an original cosponsor of the bill, gave the following… Read more »
Ranking Member Bachus said: "I was troubled by Chairman Frank's announcement yesterday that he intends to include bankruptcy cram-down in his broader package of regulatory reforms. Bankruptcy cram-down - which was rejected by the Senate earlier this year - would severely undermine recent measures taken to unfreeze credit, and would impede our housing recovery by adding… Read more »
"The Inspector General's report paints a devastating picture of institutional failure on a grand scale. It is a tale of misplaced investigative priorities and an inability by SEC personnel to understand and act upon credible and detailed evidence of fraud over a period of almost two decades. "The report confirms what I have been saying since the very first congressional… Read more »
"Since the Administration released its financial regulatory reform plan more than six weeks ago, the proposals have lost significant momentum in Congress. Efforts to move major pieces of it in the House before the August recess have stalled, and House Financial Services Committee Chairman Barney Frank has publicly rejected many key elements of that plan. To create the illusion of… Read more »
- House Republicans, led by Financial Services Committee Ranking Member Spencer Bachus (AL), today introduced comprehensive legislation to modernize and streamline the regulatory structure of the financial services industry. The Consumer Protection and Regulatory Enhancement Act provides for the resolution of insolvent non-bank financial institutions - no matter how large or… Read more »
"The announcement that Goldman Sachs has re-purchased the warrants it issued to the government at the full asking price is good news for American taxpayers. On a $10 billion investment, the taxpayers have earned a total return of $1.418 billion, an annualized return of 23 percent. "While I have opposed the continued policy of government bailouts, it appears Goldman… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, wrote to Chairman Barney Frank last week requesting a hearing to inquire into the differences between the government's treatment of creditors and counterparties of American International Group (AIG). In the letter, Ranking Member Bachus states, "On several occasions, questions have been… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today regarding the implementation of the Secure and Fair Enforcement for Mortgage Licensing Act, which he authored. "The significant progress that has been made in complying with the SAFE Act will protect consumers as they navigate the home financing process. … Read more »
