On a bipartisan vote of 241 to 173, the House of Representatives approved legislation to bring accountability, transparency, and oversight to the Consumer Financial Protection Bureau (CFPB).
The Dodd-Frank Act, signed into law a year ago, established the CFPB as an independent bureau within the Federal Reserve. Under Dodd-Frank, the CFPB is run by a single director who has… Read more »
The Financial Services Committee, chaired by Rep. Spencer Bachus, approved legislation to bring transparency to the FDIC’s bank closure process and procedures. H.R. 2056, authored by Rep. Lynn Westmoreland, requires the FDIC Inspector General to study issues raised by the recent rash of bank failures since 2008. The legislation was approved by a voice vote.
Chairman Bachus said, “As… Read more »
The Financial Services Committee approved legislation sponsored by Chairman Spencer Bachus today to equip new manufactured homes with NOAA weather radios so residents can receive earlier storm warnings. The bill was approved by a voice vote.
The bill, C.J.’s Home Protection Act (H.R. 1751), is named in honor of C.J. Martin, a two-year-old who died in 2005 when a tornado struck his… Read more »
Financial Services Committee Chairman Spencer Bachus issued the following statement in response to a press conference held by Democrats on Wednesday about legislation the House will consider on Thursday to bring needed accountability to the Consumer Financial Protection Bureau (CFPB):
“It is amazing that suddenly the Democrats believe placing the CFPB under the direction of a… Read more »
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 Steve Stivers, the Committee repealed Section 939G of the Dodd-Frank Act, which completely shut down the asset-backed securitization market shortly after Dodd-Frank’s enactment in July 2010.… Read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 »
The failures of the Dodd-Frank Act continue to mount.
Dodd-Frank Risk Panel Delays Create ‘Guessing Game’
By Cheyenne Hopkins and Ian Katz - Jul 18, 2011
Posted at Bloomberg.com
A team of regulators charged with preventing another financial crisis is fending off criticism it’s moving too slowly to identify the firms whose failure could pose a threat to the economy.
The year-old… Read more »
Financial Services Committee Chairman Spencer Bachus today announced the Committee’s schedule for the remainder of July.
“Our Committee will continue promoting policies that encourage growth, investment and new jobs, and we will remain focused on our important oversight duties,” said Chairman Bachus.
The Committee schedule remains tentative and will depend upon witness… 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 »
