Patrick McHenryChairman

WASHINGTON, January 27, 2011 -

: Financial Services Committee Chairman Spencer Bachus made the following statement today regarding the Financial Crisis Inquiry Commission’s report.

“It is unfortunate that taxpayers were forced to spend almost $10 million on a Commission that failed to reach even a rough consensus on the causes of the financial crisis.  The decision by the Obama Administration and congressional Democrats to enact sweeping reforms to the financial system last year without waiting for the Commission’s findings renders today’s report little more than a minor footnote to the financial crisis.

“Most Americans have known all along that lax lending standards and moral hazard promoted by misguided government housing policies put our entire financial system at risk. By minimizing the role of Fannie Mae and Freddie Mac in causing the crisis, the Democratic Members of the Commission are guilty of a fundamental misreading of history that will prompt many Americans to question the legitimacy of their narrative of events.”