News List

In order to get our economy growing, Congress must reduce government spending.  Our nation faces a record-breaking deficit of $1.4 trillion dollars and a record-breaking debt of more than $14 trillion.  We must get America’s fiscal house in order and stop spending money we don’t have. Republicans on the Financial Services Committee understand this fact and have worked since… Read more »

Three leaders of the Financial Services Committee are asking HUD Secretary Shaun Donovan for detailed information about delayed housing projects and the agency’s oversight of its HOME program, which provides $2 billion a year to local housing agencies to build and renovate homes across the country. Committee Chairman Spencer Bachus, Oversight and Investigations Subcommittee Chairman… Read more »

In recent interviews two Democrat officials warned about some of the unintended consequences of the Dodd-Frank Act. These quotes are of particular interest as the Financial Services Committee will consider common-sense legislation next week to promote a functioning derivatives market by giving regulators more time to write the rules and ensure coordination among regulators. H.R. 1573… Read more »

POLITICO’s “Morning Money” reports today that members of NY’s congressional delegation, including several Democrats on the Financial Services Committee, have written regulators to express their concerns that proposed rules governing derivative margin requirements “will inevitably result in significant competitive disadvantages for U.S. firms operating globally.”  Could it be possible… Read more »

Cassie Wilkinson of Austin, Texas was able to pose a question to a witness during a congressional hearing, even though she’s not a member of Congress. She asked her question during a House Financial Services subcommittee hearing on Friday thanks to a new feature on the committee’s website called YourWitness. Unveiled last week, YourWitness invites citizens to submit questions that… Read more »

That’s the conclusion of Michael Cembalest, the Chief Investment Officer of JP Morgan Chase.  In a May 3 “Eye on the Market” report, he revised his 2009 account of what caused the financial crisis.  Under the general heading of “Retractions,” Cembalest writes:  “In January 2009, I wrote that the housing crisis was mostly a consequence of the… Read more »

Three bills that will bring transparency, oversight and accountability to the Consumer Financial Protection Bureau (CFPB) were approved by the House Financial Services Committee today.    Financial Services Committee Chairman Spencer Bachus said, “Everyone on this Committee supports robust consumer protection.  But there must be real oversight and accountability of every… Read more »

Financial Services Committee Chairman Spencer Bachus announced the Committee’s planned schedule for the weeks of May 23 and May 30. The schedule shows the Committee will continue focusing on policies that encourage economic growth and job creation.   “Promoting policies that will strengthen our economy and create jobs remains our Committee’s top priority,” said Chairman… Read more »

Today at The Bottom Line we welcome a guest blogger, Phillip Swagel. Phillip is a Professor of International Economic Policy at the University of Maryland and a former Assistant Secretary for Economic Policy at the Treasury Department.  His blog post is on the importance of Treasury continuing to require Fannie Mae and Freddie Mac to make dividend payments to taxpayers. A reduction… Read more »

WASHINGTON:  Financial Services Committee Chairman Spencer Bachus welcomed Rep. Stephen Fincher (TN) to the Committee today. During the Full Committee mark up, Chairman Bachus offered a resolution appointing Rep. Fincher to the Financial Institutions and Consumer Credit Subcommittee, and the Oversight and Investigations Subcommittee.  Rep. Fincher is filling the vacancy left by… Read more »