Press Releases

Chairman Frank responds to recent comments from Congressman Bachus regarding government oversight of banks

f t # e
Washington, DC, December 15, 2010 | comments

WASHINGTON, D.C. -- House Financial Services Chairman Barney Frank today issued the following statement:

“Spencer Bachus’ statement to the Birmingham News that ‘Washington and the regulators are there to serve the banks,’ followed ‘later’ according to the News by a clarification, makes two things very clear.  First, the assault he intends to lead against improved financial regulation is based on a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules governing safety and soundness.  Second, Representative Bachus’ staff is going to be very busy getting him to retract statements in which he reveals what he really believes about a fundamental issue before the Committee.

share: f t

House Financial Services Chairman Barney Frank today issued the following statement:

“Spencer Bachus’ statement to the Birmingham News that ‘Washington and the regulators are there to serve the banks,’ followed ‘later’ according to the News by a clarification, makes two things very clear.  First, the assault he intends to lead against improved financial regulation is based on a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules governing safety and soundness.  Second, Representative Bachus’ staff is going to be very busy getting him to retract statements in which he reveals what he really believes about a fundamental issue before the Committee.

“His view of the role of regulation, expressed before he ‘clarified’ his genuine belief, explains why he is so opposed to an independent consumer financial protection bureau, and why he wants to weaken restraints on speculation by banks with depositors’ money.”

###

f t # e



Subscribe for Updates

Twitter Feed