News List

"Today the House once again overwhelmingly passed legislation that reforms the way the Committee on Foreign Investment in the United States (CFIUS) assesses the safety and security consequences of proposed foreign investment in the United States economy.  The clarity this legislation brings should lead to greater foreign investment in America, investment that is essential to… Read more »

"Let me commend the Financial Services Forum for commissioning such a thorough, thought-provoking paper. While globalization presents clear challenges, I believe the vast opportunities it presents, ranging from improved quality of life for workers to businesses made strong through vibrant competition, are much stronger. The American economy will continue to prosper and grow if we… Read more »

"Since 9/11, financial institutions have worked hard to combat terrorist financing.  But the numerous paperwork requirements imposed on them have led to excessive cost, duplication, and outright waste.  Superfluous paperwork requirements actually make it harder for the law enforcement community to focus on real threats. "These burdens are something that I raised… Read more »

HOUSE FINANCIAL SERVICES COMMITTEE "U.S. INTERESTS IN REFORM OF CHINA'S FINANCIAL SERVICES SECTOR" WEDNESDAY, JUNE 6, 2006 Mr. Chairman, this is as important a hearing as we have had in this Committee this year, and I commend you for scheduling it.  When it comes to the issue of U.S. access to China's financial services sector, the stakes could not be higher - for… Read more »

Today, Congressman Spencer Bachus (R-AL) the Ranking Member of the House Financial Services Committee, Congressman Paul Gillmor (R-OH) the Ranking Member of the Subcommittee on Financial Institutions and Congresswoman Judy Biggert (R-IL) the Ranking Member of the Subcommittee on Housing, sent the following letter to the banking regulators involved in providing guidance on subprime… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) and Ranking Member Spencer Bachus (R-AL), sent a letter Friday to House Agriculture Committee Chairman Collin Peterson (D-MN) and Ranking Member Bob Goodlatte (R-VA), regarding the possible expansion of the Farm Credit System as it could affect the financial services market.  The letter is a follow up to a previous… Read more »

Background Fannie Mae and Freddie Mac were chartered by Congress to establish and maintain a secondary mortgage market for the U.S. housing finance system.  These Government Sponsored Enterprises (GSEs) have been embroiled in major accounting irregularities in recent years. This has prompted calls for stronger regulatory oversight. H.R. 1427, the Federal Housing Finance… Read more »

Congressman Spencer Bachus (AL-06) today issued the following statement regarding legislation introduced by U.S. Rep. Barney Frank (D-MA) that would remove restrictions on illegal Internet gambling: “It should come as no surprise that I fundamentally oppose any attempts to repeal or weaken The Unlawful Internet Gambling Enforcement Act which was adopted in the House last year… Read more »

“Homeownership is a source of pride and satisfaction for many families. Purchasing title insurance is a small but important component of the home buying experience. Title insurers play a key role in identifying and addressing any problems prior to closing and protecting consumers against the threat of defects in their homeownership rights.  “The GAO recently… Read more »

“The Court’s decision preserves the ability of the nation’s banks to conduct their business according to clear and certain legal standards. Moving forward, the Office of the Comptroller of the Currency (OCC) should work cooperatively with states and other regulators to promote uniformity in oversight and strengthen consumer protection regulation and enforcement, steps… Read more »