Press Releases

During a markup today, the Financial Services Committee continued its effort to eliminate some of the job destroying provisions in the Dodd-Frank Act.  In approving H.R. 1539, introduced by Rep. Steve Stivers, the Committee repealed Section 939G of the Dodd-Frank Act, which completely shut down the asset-backed securitization market shortly after Dodd-Frank’s enactment in July 2010.… Read more »

Report Card Issued to Mark First Year of Failures When Democrats passed the Dodd-Frank Act a year ago, among the promises they made were that the 2,300-page bill and its 400 new rules would strengthen the economy, stabilize the housing market, end “too big to fail” and streamline the regulatory process. Now that a year… Read more »

WASHINGTON -Financial Services Committee Chairman Spencer Bachus made the following statement during the hearing on the Federal Reserve's monetary policy report to the Congress.  "Chairman Bernanke, welcome back to the Committee. "Thank you for your service to our country during these challenging times.  "America is confronted with many challenges,… Read more »

WASHINGTON -Financial Services Committee Chairman Spencer Bachus said a report released today by the Government Accountability Office (GAO) backs up concerns that provisions of the Dodd-Frank Act put U.S. firms at a competitive disadvantage in the global economy. “The GAO report confirms that neither European nor Asian regulators or legislators will establish similar proprietary… Read more »

The Oversight and Investigations Subcommittee on Thursday will hold a hearing on the new Office of Financial Research (OFR) and pay particular attention to the data security risks inherent with OFR’s mission of collecting sensitive, private financial information. The Office of Financial Research, created by the Dodd-Frank Act, has the authority -- backed up by subpoena power -- to… Read more »

WASHINGTON -Continuing the Financial Services Committee’s ongoing efforts to thoroughly review government policies and regulations, the Insurance, Housing and Community Opportunity Subcommittee will meet for a hearing to evaluate recent changes to mortgage origination laws. The Subcommittee hearing will particularly focus on the impact the new laws and regulations have on consumers and… Read more »

WASHINGTON - The Capital Markets and Government Sponsored Enterprises Subcommittee approved legislation today sponsored by Rep. Robert Hurt to reduce the government’s role in the mortgage market. The Market Transparency and Taxpayer Protection Act directs the Federal Housing Finance Agency (FHFA) Director to require Fannie Mae and Freddie Mac to dispose of all non-mission critical… Read more »

WASHINGTON - The U.S. House of Representatives today overwhelmingly approved legislation to reauthorize and significantly reform the National Flood Insurance Program (NFIP). The reforms included in the legislation will ensure the continued economic viability of the NFIP by eliminating unnecessary federal subsidies, and facilitate private sector participation in the flood insurance market.… Read more »

WASHINGTON - In continuing the Committee’s efforts to end the bailout of Fannie Mae and Freddie Mac, the Capital Markets and Government Sponsored Enterprises Subcommittee considered and advanced six proposals today to protect taxpayers by reforming Fannie Mae and Freddie Mac. Financial Services Committee Chairman Spencer Bachus said, “We continue to advance solutions to protect… Read more »

House Financial Services Committee Chairman Spencer Bachus today issued the following statement after the U.S. Labor Department reported that only 18,000 jobs were created in June and that the unemployment rate increased to 9.2 percent: “The trend in recent jobs reports is disheartening and unmistakable.  Even though the recession technically ended over two years ago, the economy… Read more »