News List

Financial Services Committee Chairman Spencer Bachus and Committee Vice-Chairman Jeb Hensarling on Thursday joined Senator John McCain and Senator Orrin Hatch to discuss the introduction of the Government Sponsored Enterprise Bailout Elimination and Taxpayer Protection Act in the Senate.   The bill, which is the Senate companion version of House legislation introduced by… Read more »

Republicans Decry Cost Of Dodd-Frank Overhaul By Alan Zibel DOW JONES NEWSWIRES 30 March 2011   WASHINGTON -(Dow Jones)- U.S. House Republicans decried the costs of the Dodd-Frank financial overhaul Wednesday, arguing that it will impede U.S. economic growth by requiring companies to spend billions complying with new regulations. The financial overhaul bill, passed last… Read more »

The Dodd-Frank Act will result in a bigger and more expensive Federal government.  That’s the point the Financial Services Committee is driving home in a video released on Wednesday.  The video, which can be viewed on the Committee’s website and on YouTube, coincides with a hearing of the Oversight and Investigations Subcommittee on the budgetary and economic costs of… Read more »

The Capital Markets and Government Sponsored Enterprises Subcommittee, chaired by Rep. Scott Garrett, will convene for a hearing to examine eight legislative proposals that provide immediate reforms to Fannie Mae and Freddie Mac. At a press conference yesterday, Financial Services Committee Members announced the introduction of the eight bills that will be subject of the Subcommittee… Read more »

Financial Services Committee Chairman Spencer Bachus and Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito are asking Elizabeth Warren, the Obama Administration official charged with setting up the Consumer Financial Protection Bureau, if she wants to clarify or correct her recent testimony regarding the Bureau’s role in the ongoing mortgage servicing… Read more »

Financial Services Committee Chairman Spencer Bachus released the following statement about the proposals introduced today by several Republicans on the Committee to reform Fannie Mae and Freddie Mac:   “In our Pledge to America, House Republicans said: ‘We will reform Fannie Mae and Freddie Mac by ending their government takeover, shrinking their portfolios, and establishing… Read more »

The House of Representatives voted on Tuesday to terminate another failed government program by passing a bill that ends the Administration’s highly criticized Home Affordable Modification Program (HAMP).  H.R. 839, introduced by Rep. Patrick McHenry, terminates the troubled program that received TARP funds while preserving the contracts made prior to the bill’s enactment.  The… Read more »

By Phil Mattingly and Lorraine Woellert Bloomberg News U.S. House Republicans proposed legislation that would begin reducing the influence of government-run mortgage companies Fannie Mae and Freddie Mac. The measures would wind down the firms in phases as policy makers work on a broader overhaul of the mortgage market. The proposed legislation would cut the value of the companies’… Read more »

The Independent Community Bankers of America is supporting legislation introduced by Financial Services Committee Chairman Spencer Bachus to replace the Director of the Consumer Financial Protection Bureau with a five-member commission.   A commission would “build in a system of checks and balances that a single director form of governance simply can’t do,” ICBA President and CEO… Read more »

The Insurance, Housing and Community Opportunity Subcommittee, chaired by Rep. Judy Biggert, will convene to receive testimony from Federal Emergency Management Agency (FEMA) Administrator Craig Fugate on reforming the National Flood Insurance Program (NFIP). This is the second legislative hearing the Insurance and Housing Subcommittee has held on reforming the NFIP. The hearing will take… Read more »