Washington Report: Congress Pressures FHA Nov 23, 2009
Congressman Spencer Bachus of Alabama said FHA's declining capital reserves, estimated by independent auditors as barely one quarter of the congressionally-mandated minimum, raises the possibility that FHA could come hat in hand to Congress seeking a bailout. "It is incumbent (that we) get prompt answers to the many questions surrounding FHA's risk management practices and finances," Bachus said in a letter to committee chairman Barney Frank, a Massachusetts Democrat. (RealtyTimes)
Geithner Leads a Fresh Charge on Financial Reform Oct 30, 2009
The committee's ranking Republican Spencer Bachus of Alabama attacked the bill for a lack of transparency, saying he opposed plans to keep secret which banks were subject to the new powers sought by the Administration. A top committee Democrat, Paul Kanjorski of Pennsylvania, said he feared the bill's accumulation of executive-branch power. (Time.com)
Lawmaker Seeks Group Liability for Rating Agencies Oct 1, 2009
Spencer Bachus of Alabama said they "could discourage new entrants into this marketplace and further entrench the dominant rating agencies.". Kanjorski said his proposal was "the start of a process." His draft also would allow investors to take legal action against rating agencies that "knowingly or recklessly" fail to review significant information in developing ratings. (ABC News -- Wire)
House passes measure allowing incentive-pay ban Aug 1, 2009
Representative Spencer Bachus, an Alabama Republican, criticized the measure and questioned expanding the power of regulators that failed to prevent the worst financial calamity since the Great Depression. Treasury Secretary Timothy Geithner praised the nonbinding vote requirement, known as say-on-pay in a statement yesterday. (Boston Globe)
US House empowers regulators to curb banks' risk-taking Aug 1, 2009
Representative Spencer Bachus, an Alabama Republican, criticized the measure and questioned whether it makes sense to expand the power of regulators that ``failed to prevent the worst financial calamity since the Great Depression. . (Sydney Morning Herald -- Business)
Bernanke Defends Fed's Actions Before Congress Jul 22, 2009
As Bernanke waited to give his semiannual Humphrey-Hawkins testimony before the House Financial Services Committee on the morning of July 21, Alabama Republican Spencer Bachus thanked him for his "willingness to make yourself available on countless numbers of occasions." Since February, the Fed chairman has been called to testify about Bank of America's takeover of Merrill Lynch, the government's bailout of AIG, the federal budget deficit, the Fed's various new lending programs and the economic... (Time.com)
Bernanke Says Fed Can Take on Supercop Role Jul 22, 2009
"The Fed has made some big mistakes," said the panel's highest-ranking Republican, Spencer Bachus of Alabama. Letting the Fed become the financial supercop would be "just inviting a false sense of security" that would be shattered at taxpayers' expense, he warned. (Newsmax)
Fed can assume greater role, Bernanke assures Jul 22, 2009
The Fed has made some big mistakes, said Spencer Bachus, an Alabama Republican and the ranking member of the House Financial Services Committee. An Obama administration proposal to make the Fed the supercop of globally interconnected financial companies would be just inviting a false sense of security that inevitably will be shattered at the expense of the taxpayer, Bachus warned. (Boston Globe)
Tens of billions remain in bank bailout fund Jul 10, 2009
Spencer Bachus of Alabama want the money kept to pay down the national debt. Meanwhile, a group of liberal Democrats led by Massachusetts Rep. (MSNBC -- Politics)
Obama Eyes Tighter Controls on Banks, Wall Street Jun 16, 2009
Spencer Bachus, the top Republican on the House Financial Services Committee, urged lawmakers to reject a regulatory system "that depends on the infallibility of the government regulators, who have so far shown themselves unable to anticipate crisis, let alone prevent them.". In a speech Friday to the Council on Foreign Relations, Summers offered the administration's counterpoint: "Any financial institution that is big enough, interconnected enough or risky enough that its distress necessitates... (Newsmax)
Federal plan will help with 2010 budget May 1, 2009
Jefferson County Congressman Spencer Bachus is now the senior member of our state s congressional delegation. Bachus is the ranking Republican on the House Financial Services Committee. (Atmore Advance, AL)
Americans OK with Big Government now Apr 15, 2009
Spencer Bachus told a hometown audience in Alabama on Thursday that 17 members of Congress were "socialists" who were pushing Obama to the left. Today's deadline for filing tax returns has provided a peg for Republicans complaining about the tax burdens that they say Obama's programs will create. (USA Today)
Rep. Bachus 'Socialist' Comment Stirs Debate Apr 15, 2009
Spencer Bachus, R-Al. told a breakfast gathering in Birmingham, Alabama that in his opinion there are 17 socialists actively serving in the Congress, the top Republican on the Financial Services Committee opened a Pandoras Box. (Newsmax)
Political Grapevine Apr 11, 2009
Alabama Republican Congressman Spencer Bachus raised some eyebrows Thursday. The Birmingham News reports Bachus told government leaders in his district: "Some of these guys I work with, the men and women in Congress, are socialists.". (Fox News)
Ala. congressman claims House has 17 Socialists Apr 11, 2009
Spencer Bachus of Vestavia Hills commented about socialists in Congress on Thursday in a speech in Trussville, a Birmingham suburb. He said he worries they may push President Barack Obama too far to the left. (WSJA.com, AL)
Rep. Bachus: There Are 17 Socialists in the House Apr 11, 2009
Spencer Bachus Says There Are 17 Socialists in the House ... Spencer Bachus Says There Are 17 Socialists in the House ... Spencer Bachus said he believes there are 17 socialists actively serving in the U.S. House of Representatives. (Newsmax)
Top GOP Congressman: There are 17 'socialists' in the House... Apr 10, 2009
Glenn Thrush's Blog: Bachus says there's 17 'socialists' in House - POLITICO.com. The greatest socialist that ever lived was Jesus. (The Drudge Report)
Taxpayers' money for toxic assets? Apr 4, 2009
Spencer Bachus, the top Republican on the House Financial Services Committee, introduced a bill on Thursday to block TARP recipients from "g 00004000 aming" the PPIP.. He said if banks "are colluding to swap assets at inflated prices using taxpayers' dollars, the bailout cycle has sunk to a new level of absurdity.". (India Times)
ALL BUSINESS: Bank fix-it plans may collide Mar 28, 2009
Spencer Bachus of Alabama said during a session of the House Financial Services subcommittee. On March 17, the FASB proposed changes that would give companies more leeway when valuing assets. (Anchorage Daily News)
Save the Alabama condom! Mar 26, 2009
Ben Bernanke and Tim Geithner are on the hot seat today, facing a not particularly friendly audience at a House Financial Services Committee hearing on AIG. And if the opening salvo from Spencer Bachus, R-Ala. the ranking Republican member on the committee, is any indication, the Republicans have found a promising line of attack. (Salon)
Alabama reacts to stimulus package Feb 21, 2009
Spencer Bachus, R-Vestavia Hills, who opposed the bill, said in a press release last week that borrowing and spending got America into this problem and doing more of the same won t fix it. Bachus indicated the bill would have long-term consequences. (Birmingham Business Journal, AL)
Ala. to get 52K jobs through stimulus Feb 18, 2009
Alabama Congressman Spencer Bachus voted against President Barack Obama s $787 billion American Recovery and Reinvestment Act, but his district stands to gain the most jobs in the state. The act, passed without a single Republican Congressional vote, is projected by the White House to save or create 3. (Birmingham Business Journal, AL)
In grilling, bank executives offer assurances Feb 12, 2009
Representative Spencer Bachus, an Alabama Republican, said he was heartened that many banks were lending money and he stressed that the banks represented at the hearing were not all desperate for federal help. "Some wanted the money; some didn't want the money," he said. (Boston Globe)
