Press Releases

Democrats $3.6 Trillion Budget Spends, Taxes, and Borrows Too Much          "Republicans offered solutions in our budget aimed at creating jobs and economic growth, not more government and not more unaffordable debt." - Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, today supported the Republican… Read more »

"The plan is structured to transfer, as much as possible, the losses on bad assets to taxpayers" "The only thing certain is that a great deal of taxpayer money is on the line" "Letting bureaucrats and politicians direct our economy isn't the end to our troubles. It's only the beginning" National Review, Editorial: "In the Market for a Better Banking… Read more »

In response to a number of requests, this is the unofficial transcript of the exchange between Congressman Spencer Bachus and Treasury Secretary Tim Geithner regarding AIG making its counterparties whole during the Financial Services Committee hearing on March 24th.  BACHUS: Thank you. Secretary Geithner, on September 14th, you and Secretary Paulson met with AIG to discuss… Read more »

Domestic Banks Are Being Disadvantaged, While American Tax Dollars Are Shipped Overseas Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, wrote Chairman Barney Frank (MA), urging the Committee to evaluate AIG's counterparty payments, and issued this statement: "Earlier this week we heard from Secretary Geithner, who acknowledged that AIG… Read more »

Resolution Aims to Hold Administration Accountable for Bailout, Bonuses and Increase Transparency - Congressman Spencer Bachus (AL), the top Financial Services Committee Republican, issued this statement following the Committee's unanimous, 64-0 vote approving the LaTourette-McCotter Resolution of Inquiry, which requires Treasury Department to disclose all documentation related to the… Read more »

Many people continue to ask in connection with the AIG bonuses who knew what and when. Most of those questions have been answered. Click here for a timeline that establishes the relevant facts known to date, not only about the AIG bonuses, but also the course of events of the AIG intervention. ### Read more »

"The American people are struggling to make ends meet during this economic crisis and are angry that their money continues to be taken from them and given to a few large companies on Wall Street.  "As with the Paulson plan offered last fall, the administration's biggest challenge is in pricing the ‘toxic assets.' Even though this is being characterized by the… Read more »

– To protect taxpayers and family savings, Congressman Spencer Bachus (Ala.), the top Financial Services Committee Republican, and Missouri Congressman Roy Blunt (Mo.) today sent a letter to Securities and Exchange Commission (SEC) Chair Mary Schapiro urging her to adopt commonsense accounting changes so companies can value assets by their real worth, not an artificially… Read more »

- Today, Bernard Madoff - who ran a reported $65 billion Ponzi scheme - pleaded guilty to 11 federal criminal charges, including money laundering and theft. Following the announcement, Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, issued this statement: "Madoff perpetrated the largest financial scam in history, resulting in a near $65… Read more »

- At today's Capital Markets Subcommittee hearing, Congressman Spencer Bachus (R-AL), the top Financial Services Committee Republican, demanded the Financial Accounting Standards Board (FASB) act expeditiously on commonsense modifications to mark-to-market rules that could help with the current financial crisis. Quoting an anecdote described by Congressman John Lewis (D-GA) in his… Read more »