January 13, 2010 - Congressman Spencer Bachus, the top Republican on the Financial Services Committee, issued the following statement in response to Chairman Barney Frank's comments announcing a Jan. 22 hearing on compensation. "Hearings that seek to examine ways to reduce the risk of excessive compensation in our financial system must begin at Fannie Mae and… Read more »
- House Financial Services Committee Ranking Member Spencer Bachus made the following statement today: "In his press conference this morning, Chairman Frank said that I had asked for a hearing on the disparity of payments made by AIG to counter-parties as compared to smaller banks, but that I withdrew the request. . "Chairman Frank is mistaken on this… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, issued the following statement regarding reports that the Obama Administration will propose a tax on financial institutions. "There is no way the Administration can design a tax on financial firms that will not be passed on to consumers and investors in the form of higher interest rates and… Read more »
"There is no more urgent business before the Committee and this hearing should be given the highest priority." January 7, 2010 - Congressman Spencer Bachus, the top Republican on the Financial Services Committee, wrote to Chairman Barney Frank yesterday urging him to convene a hearing to examine the latest report that the Federal Reserve Bank of New York, under the… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement after the Obama administration eliminated limits on the bailouts of Fannie Mae and Freddie Mac. "The timing of this Executive Order giving Fannie and Freddie a blank check is no coincidence. Obviously the Administration knows that this is bad policy as evidenced… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding H.R. 4173, a bill passed today by the majority Democrats that would make federal bailouts of failed non-bank financial companies permanent. Ranking Member Bachus said, "This was a missed opportunity to end the bailouts, terminate TARP, and stop picking… Read more »
December 9, 2009 TARP Is Not Making A Profit For Taxpayers. To date, the Treasury Department has received around $13 billion from interest and dividend payments, the sale value of stock and the sale of stock warrants for the government's financial interventions using the TARP program, and Treasury projecting that number to increase to at least $19 billion. But that hardly… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement regarding the Obama Administration's plan to divert TARP money to fund its political priorities. Ranking Member Bachus said, "President Obama's plan to use TARP to fund more government spending violates the intent of the law, does nothing to create jobs, and further… Read more »
-- In response to a letter from Financial Services Committee Ranking Member Spencer Bachus regarding Internet gambling, the Federal Bureau of Investigation (FBI) rejects vendors' claim that age verification software can adequately prevent children from online gambling. The FBI also warns that technology exists to facilitate undetectable manipulation of online poker games and that… Read more »
UIGEA Continues To Be Needed To Protect America's Youth - Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement during a full Committee hearing on illegal Internet gambling. "As we all know, Chairman Frank and I approach this very differently. He wants to legalize Internet gambling and then tax it. On the… Read more »
