Spencer Bachus made the following statement after meeting with President Obama and House Republicans to discuss deficit reduction

Chairman Spencer Bachus Statement on House Republican Meeting with President Obama. Washington, Jun 1 - Financial Services Committee Chairman Spencer Bachus made the following statement after meeting with President Obama and House Republicans at the White House this morning to discuss deficit reduction: “Several times during the meeting today, the President said he will not submit a plan to reduce the deficit that could be verified by the Congressional Budget Office. Republicans need to avoid negotiating against ourselves, but the President’s lack of leadership on this issue cannot deter us from moving forward

We should continue meeting with the President to try to negotiate a workable and verifiable agreement. Republicans have offered a plan that puts us on the path toward eliminating the deficit and reducing the national debt by making long-term structural changes. This could be the basis of an agreement that would pay immediate dividends in the credit markets, boost consumer confidence and be a plus for our economy and national security.

“We must end the dangerous cycle of spending and borrowing that has pushed the federal government up against the debt limit and caused Standard and Poor’s to downgrade our credit rating outlook to ‘negative.’”

TEXT CREDIT: Chairman Spencer Bachus Financial Services Committee 2129 Rayburn HOB Washington, DC 20515 202-225-7502

IMAGE CREDIT: Spencer Bachus Washington Office 2246 Rayburn Building Washington, DC 20515 (p) 202-225-4921 (f) 202-225-2082

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Spencer Bachus We will reform Fannie Mae and Freddie Mac H.R. 1182 FULL TEXT

WASHINGTON (March 29) – Congressman Spencer Bachus (AL-6) released the following statement about the proposals introduced today by several Republicans on the Committee to reform Fannie Mae and Freddie Mac. Bachus is Chairman of the House Financial Services Committee. “In our Pledge to America, House Republicans said: ‘We will reform Fannie Mae and Freddie Mac by ending their government takeover, shrinking their portfolios, and establishing minimum capital standards.’ As Chairman of the House Financial Services Committee, I want to make it clear: We are fully committed to these goals.

“On March 17, the Committee’s Vice Chairman, Rep. Jeb Hensarling, introduced H.R. 1182, a bill that represents Republicans’ ultimate objective, as articulated in the Pledge to America, to end the $150 billion bailout of Fannie Mae and Freddie Mac and make sure that such a bailout is never again forced on the American taxpayer.

Bill Text 112th Congress (2011-2012) H.R.1182.IH in PDF FORMAT To establish a term certain for the conservatorships of Fannie Mae and Freddie Mac, to provide conditions for continued operation of such enterprises, and to provide for the wind down of such operations and the dissolution of such enterprises.

“This comprehensive reform of the U.S. mortgage market will be supplemented by targeted bills which Capital Markets Subcommittee Chairman Scott Garrett will shepherd through his Subcommittee, all of which advance the same goal as the Hensarling bill: to create a well-functioning, private, competitive secondary mortgage market to price mortgages according to risk, be more innovative and efficient, and operate with less political interference.

“Finally, Insurance and Housing Chairman Judy Biggert will begin a parallel legislative effort to reform the Federal Housing Administration. This effort will focus on legislation to clearly define FHA’s mission and prevent it from simply replacing Fannie Mae and Freddie Mac as a source of taxpayer exposure to the mortgage market.

“The strength of the Republican Financial Services Committee team has been and will continue to be the cooperation and collaborative effort of its subcommittee chairmen. The reform of housing policy, which spans the jurisdiction of several subcommittees, will display the power of this willingness to work together and accomplish great things.”

TEXT and IMAGE CREDIT: Spencer Bachus Washington Office 2246 Rayburn Building Washington, DC 20515 (p) 202-225-4921 (f) 202-225-2082

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Spencer Bachus Announces Planned Financial Services Committee Schedule for March

WASHINGTON: Financial Services Committee Chairman Spencer Bachus announced the committee’s planned hearing schedule for March 2011. Chairman Bachus said, “The Committee will continue our efforts to promote economic recovery and job creation. We are committed to ensuring government policies promote, rather than hinder, a stronger economy and more jobs. That means the Committee will continue focusing on the need to end the bailouts of Fannie Mae and Freddie Mac, which have already cost taxpayers $150 billion. It means we will fulfill our Constitutional obligation to exercise rigorous oversight of the implementation of the Dodd-Frank Act and its impact on the economy, and it means we will pursue the elimination of unnecessary spending at a time of record deficits.”

This is a tentative schedule and will depend on witness availability and other factors that may require changes. Therefore, each meeting will become final only when the official notice is distributed. Hearing witnesses will be announced at later dates.

Unless otherwise noted, all hearings will take place in 2128 Rayburn House Office Building.

Tuesday, March 1:

· Full Committee hearing on GSE Reform at 10 am

· Full Committee hearing on the FY 2012 HUD Budget at 2 pm

Wednesday, March 2:

· Full Committee hearing to receive the Monetary Policy Report to the Congress required under the Humphrey-Hawkins Act at 10 am

· Financial Institutions Subcommittee hearing on the impact of the Dodd-Frank Act on small financial institutions at 2 pm

Thursday, March 3:

· Full Committee mark up of bills to be determined at 10 am

Wednesday, March 9:

· International Monetary Policy Subcommittee hearing on the Export-Import Bank at 10 am

· Insurance, Housing and Community Opportunity Subcommittee hearing on reauthorization of the National Flood Insurance Program at 2 pm

Thursday, March 10:

· Capital Markets Subcommittee hearing on the SEC’s budget at 10 am

Friday, March 11:

· Capital Markets Subcommittee hearing on covered bonds at 10 am

Tuesday, March 15:

· Full Committee mark up of Budget Views and Estimates at 10 am

Wednesday, March 16:

· Capital Markets Subcommittee hearing on the Risk Retention Securitization Rule at 10 am

· Financial Institutions Subcommittee hearing on oversight of the Consumer Financial Protection Bureau at 2 pm

Thursday, March 17:

· Domestic Monetary Policy Subcommittee hearing on monetary policy and rising prices at 10 am

TEXT CREDIT: Committee on Financial Services • 2129 Rayburn House Office Building • Washington, DC 20515 • (202) 225-7502 For Press Inquiries: (202) 226-0471

IMAGE CREDIT: Spencer Bachus Washington Office 2246 Rayburn Building Washington, DC 20515 (p) 202-225-4921 (f) 202-225-2082

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Spencer Bachus statement regarding Florida Court ruling federal health care law is unconstitutional

WASHINGTON (January 31, 2011) – Congressman Spencer Bachus (AL-6) today issued the following statement regarding the ruling by U.S. District Court Judge Roger Vinson in Pensacola, Florida that the individual mandate to purchase health insurance under the new federal health care law is unconstitutional. Bachus submitted an amicus brief in the case that supported the challenge to the law. “All along, I have held that the mandate forcing individual Americans to buy health insurance is an intrusion into personal liberty and a violation of our constitutional principles. The ruling in Florida is another validation of the irreparable flaws contained in the legislation hastily passed by Congress last year.

The Republican majority in the House has properly voted to repeal this bad law. It is already causing harm to consumers, small businesses, and our economy. The damage will get even worse unless we stop it and then work together on common sense reforms that address the issues in our health care system without having the government running everything and spending uncontrollably.”

Spencer Bachus amicus brief in PDF FORMAT

TEXT CREDIT: bachus.house.gov Washington Office 2246 Rayburn Building Washington, DC 20515 (p) 202-225-4921 (f) 202-225-2082

IMAGE CREDIT: This United States Congress image is in the public domain. This may be because it is an official Congressional portrait, because it was taken by an official employee of the Congress, or because it has been released into the public domain and posted on the official websites of a member of Congress. As a work of the U.S. federal government, the image is in the public domain.

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Spencer Bachus SIGTARP Report Confirms “Too Big To Fail” Has Not Ended

WASHINGTON: Financial Services Committee Chairman Spencer Bachus made the following statement regarding the report by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP): “House Republicans said all along that the greatest weakness of the Democrats' financial regulation bill was that far from ending ‘too big to fail,’ it wrote that troubling doctrine into Federal law. The SIG-TARP confirmed that in its report.

"Secretary Geithner’s acknowledgment that ‘exceptional’ action may be required again in spite of the Dodd-Frank Act being law confirms what Republicans have long contended – that the doctrine of ‘too big to fail’ unfortunately remains alive and well in Washington, D.C. Republicans believe the ‘exceptional’ action needed is to end bailouts and send a clear signal taxpayers will never again be forced to rescue or subsidize a failed financial company, its obligations, its creditors or counterparties.

"During the debate on regulatory reform, Republicans introduced the only legislation that would end ‘too big to fail,’ end bailouts, and protect taxpayers. Our bill would have sent failed non-banks to an enhanced bankruptcy proceeding. This is the only way to protect taxpayers.

"We need to bring a real end to ‘too big to fail.’ Taxpayers and future generations should not be burdened with having to pay for the mistakes made on Wall Street."

Released Audit Report in PDF FORMAT: Extraordinary Financial Assistance Provided to Citigroup, Inc. - To fulfill SIGTARP’s mandate to promote the economy, efficiency, and effectiveness of TARP programs and operations, SIGTARP’s Audit Division has identified several aspects of TARP – some internal to Treasury and some external – that will be the general focus of its work. SIGTARP issues audit reports that address various topics associated with TARP operations. These reports make recommendations for positive change to improve the economy and efficiency of the TARP.

TEXT CREDIT: Committee on Financial Services • 2129 Rayburn House Office Building • Washington, DC 20515 • (202) 225-7502 For Press Inquiries: (202) 226-0471

IMAGE CREDIT: Spencer Bachus Washington Office 2246 Rayburn Building Washington, DC 20515 (p) 202-225-4921 (f) 202-225-2082

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