Campaign 2010

Dec 13, 2010

Big Bank Bachus Thinks Government Exists to “Serve The Banks”

So much for it being People’s House under House Republicans.   In a preview of House Republican’s agenda, Congressman Spencer Bachus, the newly chosen Chairman of the House Financial Services Committee and the man responsible for overseeing reform and regulation of Wall Street banks, told his local newspaper today that he believes it is Congress’s obligation to “serve the banks.” Serve the banks!    

Congressman Spencer Bachus, "In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks," he said. [Birmingham News, 12/13/10]  Spencer “Big Bank” Bachus has taken more than $1 million from Wall Street and was the Republican’s chief negotiator of the bank bailout (TARP) in 2008.

“Congressman Spencer ‘Big Bank’ Bachus has given Americans a startlingly honest answer about the House Republican agenda – do whatever is good for the big banks and Wall Street special interests, rather than what’s good for hardworking Americans,” said Jesse Ferguson of the Democratic Congressional Campaign Committee. “Putting Congressman Spencer Bachus in charge of regulating Wall Street banks is like asking LeBron James to be loyal to Cleveland – it’s not going to happen.  While Congressman Bachus is “serving” the banks and their interests, he  shortchanges the interests of working Americans.  This is just the latest sign that House Republicans have no intention to honor their promise to change how business is done in Washington.”

Last week, House Republicans named the “Prince of Pork” Hal Rogers to regulate congressional spending.

BACKGROUND

Bachus Has Taken More Than $1 Million from Wall Street. While in Congress, Bachus has taken over $1 million in contributions from Wall Street. Bachus has taken $410,508 from finance and credit companies and $686,116 from securities and investment companies while in Congress. [opensecrets.org, accessed 12/08/10]

Bachus Negotiated the Troubled Assets Relief Program. As the Ranking Member on House Financial Services, Bachus negotiated the TARP bailouts with Democrats “on behalf of House Republicans.” [Daily Caller, 12/08/10]

Bachus Supported Final Financial Bailout Bill. In 2008, Bachus voted for a bill that gave a historic rescue to the financial industry. The bill specifically allowed the Treasury Department to buy up to $700 billion in troubled assets, the largest government intervention in the financial market since the Great Depression.  The measure was similar to a previous piece of legislation (HR 3997) but included significant restrictions on the Treasury program, including parceling out the money in installments, limiting executive compensation at participating firms and establishing a government insurance plan for asset-backed securities, paid for by financial institutions.  [CQ Today, 10/03/08] [HR 1424, Vote #681, 10/03/08]


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