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

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

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

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.

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

Dodd-Frank Act, Fannie Mae Freddie Mac The Ship Be Sinking VIDEO

If this was fiction no one would believe it, to far fetched. The same people who aided and abetted our downward spiral now seek to finish the job. Barney Frank's, chairman of the House Financial Services Committee key roll in the Freddie Fannie collapse is outlined below. Chris Dodd Chairman of the Senate Committee on Banking, Housing, and Urban Affairs is a life long politician. In the words of the philosopher "The Ship Be Sinking"¹

Wall Street Reform and Consumer Protection Act. BACHUS, REPUBLICANS BLOCKED FROM BRINGING UP FANNIE/FREDDIE REFORM BY CHAIRMAN FRANK. Summary Of Dodd-Frank Wall Street Reform And Consumer Protection Act, and FULL TEXT in PDF FORMAT H. R. 4173

WASHINGTON (June 23)– Congressman Spencer Bachus (AL-6) today said Chairman Barney Frank’s outright ban on consideration of amendments to reform Fannie Mae and Freddie Mac, the failed government controlled housing enterprises, is an abandonment of congressional responsibility and the direct result of Democrats controlling negotiations on a financial regulatory bill to protect their taxpayer-funded bailouts.

Bachus, who is Ranking Member on the Committee, today was blocked from bringing up reform proposals during a House-Senate conference on the regulatory bill.

“Without the ability to even debate how to end the unlimited bailouts for Fannie Mae and Freddie Mac, meaningful GSE reform, which should have been our top priority in this conference, will never come,” said Bachus, who is a conferee on the bill. “Instead, we have focused on other matters, many that are unrelated to the financial crisis, and allowed the GSEs to bleed more than $146 billion of taxpayer dollars without any plan to staunch the losses.

“Just like their lack of a budget, this is a complete abdication of their congressional responsibility. Thanks to the cameras, now the public knows what the Democrats look like when they protect government bailouts over the interests of taxpayers,’ Bachus said.

Under Bachus’ leadership, Republicans on the Financial Services Committee have consistently offered legislation and proposals to end the growing taxpayer bailout of the housing finance entities, which are considered one of the root causes of the financial crisis.

Barney Frank Fannie Mae and Freddie Mac Oct. 6, 2004 "I don't see anything in this report that raises safety and soundness problems" Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.

At a 2004 hearing see Democrat after Democrat covering up and attacking the regulations to protect Fannie Mae and Freddie Mac (their Cash Cows) that are now destroying our economy because the Democrats let them cheat.



Barney Frank in 2005: What Housing Bubble? Courtesy of www.verumserum.com. A speech by Barney Frank on the House Floor in 2005 where he refutes any concern about a housing industry bubble and advocates for the government to continuing expanding home ownership.



Barney Frank Rewrites History April 20, 2009 Says the Poor Should Not Own Homes.

Excerpt from an interview given by Barney Frank on the Tavis Smiley show on PBS on April 20, 2009, where Rep. Frank astonishingly claims that conservatives are to blame for the housing collapse, and that he has been in favor of rental housing for low-income earners all along.

FOOTNOTES ¹ Urban Dictionary: The Ship Be Sinking

VIDEO CREDITS: Covering up the Fannie Mae, Freddie Mac Scam. NakedEmperorNews

What Housing Bubble? morgenr

Barney Frank Rewrites History, morgenr

TEXT CREDITS: Congressman Spencer Bachus (AL-6)