News List

FHFA Must Implement Reforms Suggested By Inspector General Report Says Bachus Financial Services Committee Chairman Spencer Bachus made the following statement regarding a report released today by the Inspector General of the Federal Housing Finance Agency (FHFA) which found the FHFA lacks assurance that complaints regarding the operations of Fannie Mae and Freddie Mac, including those… Read more »

Financial Services Committee Chairman Spencer Bachus said today the Committee will continue to focus on policies that promote jobs and economic development, build a stronger housing finance system, and protect taxpayers during the month of July. “Americans continue to suffer from the devastating impact that Washington’s over-spending and over-regulating has on the economy. 14 million… Read more »

Three national real estate groups voiced support for H.R.940, the U.S. Covered Bond Act, on Tuesday. Introduced by Congressman Scott Garrett, H.R. 940 would create a legislative framework to allow U.S. financial institutions to issue covered bonds.  Covered bonds are a form of debt in which specific assets – typically loans – are pooled for the benefit of bondholders. A joint letter… Read more »

The Financial Services Committee on Wednesday will vote on several bills designed to spur private sector job growth and remove government barriers to job creation. “The burden of excessive regulations makes it harder for companies, particularly small businesses, to hire new workers.  In fact, the Small Business Administration reports smaller firms spend almost $11,000 per employee… Read more »

The Insurance, Housing, and Community Opportunity Subcommittee, chaired by Rep. Judy Biggert, will examine a legislative proposal to improve the nation’s largest affordable housing program during a hearing on Thursday. The Section 8 housing voucher program, administered by the Department of Housing and Urban Development (HUD), serves over two million low-income households. … Read more »

Financial Services Committee Chairman Spencer Bachus announced today that Federal Reserve Chairman Ben Bernanke will appear before the Committee on July 13 to deliver the semiannual Monetary Policy Report to the Congress.   Chairman Bachus said, “Chairman Bernanke’s report comes at a critical time as the state of our economy remains deeply troubling.  Washington’s… Read more »

Bachus says Financial Services Committee hearing will examine threat posed by hackers WASHINGTON –Reports that the CIA was the victim of a cyberattack on Thursday underscore the seriousness of the threat posed by hackers and cybercriminals, said Financial Services Committee Chairman Spencer Bachus. The reported attack on the CIA comes as the Financial Services Committee prepares to… Read more »

WASHINGTON – Financial Services Committee Chairman Spencer Bachus made the following statement today during a Full Committee hearing to examine the international implications of the Dodd-Frank Act on U.S. economic competitiveness: “When President Obama signed the Dodd-Frank Act into law last summer, he set in motion the most ambitious changes to financial institution regulation since… Read more »

WASHINGTON -- The Financial Services Committee will examine the international implications of the Dodd-Frank Act on U.S. economic competitiveness during a hearing on Thursday. “There is a widespread and growing concern that the Dodd-Frank Act with its 400 new regulations will lead to industry, capital and jobs leaving the United States.  This is a concern that many of us on the… Read more »

During the June 14th Financial Institutions and Consumer Credit Subcommittee hearing that examined whether the Dodd-Frank Act really ended “too big to fail” (as some Democrats claim it did), Ranking Member Barney Frank said it is the Republicans’ fault for creating a “false perception” that “too big to fail” lives on:  “The only people who are arguing that…if a large financial… Read more »