Financial Services Committee Chairman Spencer Bachus issued the following statement today regarding reports that financial regulators have floated a so-called “cash for keys” program that will reward some borrowers who default on their mortgages with a $20,000 government check. The “cash for keys” program would reportedly be paid for, in part, by contributions from Fannie Mae and Freddie… Read more »
The Oversight and Investigations Subcommittee, chaired by Rep. Randy Neugebauer, will hold a hearing to examine the costs and economic impact associated with implementing the Dodd-Frank Act. The hearing will take place on Wednesday, March 30 at 2 p.m. in room 2128 Rayburn.
Subcommittee Chairman Neugebauer said, “We knew the Dodd-Frank Act would result in a bigger federal… Read more »
Financial Services Committee Chairman Spencer Bachus commended the Treasury Department for convening today’s conference on “Access to Capital” since small businesses are essential to a growing economy.
“Small businesses generate the ideas and innovation necessary to grow and sustain a robust economy,” said Chairman Bachus.
The Chairman also said the Obama Administration… Read more »
Appearing on CNBC today, Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau Elizabeth Warren attempted to push back against criticism that the new agency she is currently leading is “too powerful.” Unfortunately, in doing so, she made incorrect statements. The Financial Services Committee presents the… Read more »
Financial Services Committee Chairman Spencer Bachus today announced the planned schedule for the month of April.
Chairman Bachus said: "We continue to focus on solutions that protect taxpayers, encourage economic activity, and promote job creation in the private sector. In April, the Committee will begin consideration of bills to reform regulation of the housing finance system,… Read more »
The consumer finance czar answers to no one and sets her own budget.
A House subcommittee will hold an "oversight" hearing today on the new Consumer Financial Protection Bureau, the über-regulator that will soon have jurisdiction over most of the country's credit-making institutions. We put "oversight" in quotes because Congress has little say over either the new bureau or its unofficial… Read more »
Financial Services Committee Chairman Spencer Bachus made the following statement during a Subcommittee hearing on the Consumer Financial Protection Bureau.
“The Consumer Financial Protection Bureau was the crown jewel of the 2,300-page Dodd-Frank Act that President Obama signed into law last July. This new bureaucracy, which will be headed by one person, a director as opposed to… Read more »
Financial Services Committee Chairman Spencer Bachus today introduced legislation that will facilitate robust consumer financial protection. “The Responsible Consumer Financial Protection Regulations Act” establishes a bipartisan commission of five members at the Consumer Financial Protection Bureau (CFPB).
Chairman Bachus said, “It always seemed clear to me that the Dodd-Frank Act put… Read more »
Today, by a vote of 242-182, the House of Representatives approved legislation to end a bailout program for lenders and real estate speculators. The legislation, H.R. 861 introduced by Rep. Gary Miller, ends the so-called Neighborhood Stabilization Program (NSP).
This is the third bill approved by the House in the last two weeks that ends a failed program. Each of the three bills… Read more »
Financial Services Committee Chairman Spencer Bachus today appointed Rep. Michael Grimm (NY) to serve on the Financial Institutions and Consumer Credit Subcommittee.
Chairman Bachus said, “Michael has only been in Congress for two months and already he has proven to have the expertise and leadership skills to effectively contribute to the issues the Committee will tackle. Michael has… Read more »
