Press Releases

The Financial Services Committee continues its in-depth look at the 2,300-page Dodd-Frank Act with a subcommittee hearing on Wednesday examining the designation of non-bank financial institutions as “systemically important” – a euphemism for these institutions being deemed by government as “Too Big to Fail.” The Financial Stability Oversight Council (FSOC) – an interagency body of… Read more »

- The Financial Services Committee will hold a hearing on Thursday to examine the settlement practices of federal financial regulators. Federal regulators often settle enforcement actions against defendants to quickly impose and collect fines or institute corrective actions rather than litigate lengthy and expensive trials whose outcomes are uncertain.  However, these settlements… Read more »

Financial Services Committee Chairman Spencer Bachus released the following statement on the Committee's plan to hold a hearing on the JPMorgan Chase trading loss that was disclosed last week: "More facts about the trading loss by JPMorgan Chase are coming out every day.  We know more today than we did yesterday, and we will know more tomorrow and in the coming days as new… Read more »

The Oversight and Investigations Subcommittee will vote Wednesday on whether to subpoena documents from the Department of Housing and Urban Development related to the agency’s administration of the HOME Investment Partnership Program. The HOME program is the nation’s largest federal public housing construction program and has received more than $30 billion from the taxpayers. Over the… Read more »

Small financial institutions are being hit especially hard by the rising cost of regulations, and the impact of more red tape is a threat to the existence of small town community banks and credit unions, witnesses told a House subcommittee on Wednesday. “Each new law or regulation in isolation might be manageable, but wave after wave, one on top of another, will certainly over-run many… Read more »

A House subcommittee on Thursday will examine an obscure provision buried deep in the 2,300-page Dodd-Frank Act that threatens to disadvantage U.S. manufacturers and has resulted in a de facto U.S. embargo of a war-torn African country. The provision requires thousands of U.S. companies to disclose what steps they are taking to ensure that their products do not contain certain minerals… Read more »

The rising cost of complying with federal regulations threatens the future of small banks and financial institutions across the country, and on Wednesday a House subcommittee will examine how the growth of this red tape hurts the economy, increases customers’ costs for basic banking services, and leads to fewer small banks and more large banks. The Subcommittee on Financial Institutions… Read more »

The Financial Services Subcommittee on Domestic Monetary Policy and Technology, chaired by Rep. Ron Paul, will hold a hearing on Tuesday to examine six legislative proposals that either reform or abolish the Federal Reserve System. “More and more people are beginning to understand just how destructive the Federal Reserve's monetary policy has been.  I hope that this hearing will… Read more »

The Financial Services Committee released its hearing schedule for the month of May on Friday. The Committee’s schedule remains tentative and will depend upon witness availability and other factors that may require changes.  Therefore, each meeting will become final only when the official notice is distributed.  Additional information about each hearing, as well as a list of… Read more »

Financial Services Committee Chairman Spencer Bachus and Rep. Carolyn McCarthy, a member of the Committee, introduced bipartisan legislation today to create more efficient and effective oversight of the retail investment advisory industry. Chairman Bachus and Rep. McCarthy introduced their proposal in response to a Securities and Exchange Commission (SEC) study that revealed the agency… Read more »