Spencer Bachus News

Copyright 2009 TheStreet.com, Inc.All Rights Reserved TheStreet.com November 24, 2009 Tuesday 16:43 PM EST SECTION: NEWS & ANALYSIS; Insurance LENGTH: 323 words HEADLINE: AIG's Allies to Pay Czar: Back Off! BYLINE: Andrea Tse, TheStreet.com Staff Reporter.

Congressional pressure on FHA continued to mount last week, with the ranking Republican on the House Financial Services Committee demanding hearings on the stability of the housing agency.

Nov. 19, 2009 - A hearing on the Federal Housing Administration's risk management practices and finances will be held following the Thanksgiving holiday, House Financial Services Committee Chairman Barney Frank, D-Mass., said Wednesday.

Financial institutions that are too large and overly interconnected could be broken up if a proposed council of regulators finds their collapse would put the economic system at risk, according to a controversial measure approved Wednesday by a key congressional panel taking on bank-regulatory reform.

Republican lawmakers demanded a Congressional hearing to review whether the Federal Reserve Bank of New York was unprepared to deal with the bailout of American International Group Inc.

Large banks would pay fees into a $150 billion fund to be used to make payouts to the creditors and counterparties of a failed big bank so that its collapse would not unsettle the financial markets, under a provision of bank regulatory reform legislation being considered by a congressional committee Thursday.

Lawmakers on a key House committee considered a measure Wednesday that would allow major banking institutions to voluntarily pay fees through which they would buy federal guarantees for financial assets.

There are lots of jokes about Alabama not being top 10 in the nation on any number of issues.

Nov. 10, 2009 - Military groups opposed to seeing credit unions assessed monies by FDIC for a systemic risk fund for the wind-down of large financial firms are making their views known on Capitol Hill.

H.R. 3962, the Affordable Health Care for America Act. Did Big Insurance get to them? From President Obama's address on health care to a joint session of Congress September 9, 2009 "So let me set the record straight here.

Senator Jon Kyl and Rep. Spencer Bachus co-signed a letter to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke last week opposing calls to delay the Dec.

Investment advisory groups, state regulators and consumer advocates last week cheered a pledge by the House Financial Services Committee's chairman to defeat a measure that could expand Finra's reach over advisers.

Republican opposition was nearly unanimous. The 220-215 vote cleared the way for the Senate to begin debate on the issue that has come to overshadow all others in Congress.

Investment advisers, state regulators and consumer advocates were astonished by the easy adoption of a key addition to the Investor Protection Act that would give Finra power to oversee any adviser associated with a registered broker-dealer, including about 500 dually registered Finra members.

A pair of House Republicans on Wednesday warned the Obama administration that Congress does not have the appetite for a bailout of the financially strapped Federal Housing Administration.

JPMorgan Chase & Co. agreed to pay $75 million in penalties and forfeit $647 million in fees to settle an investigation of an "unlawA ful payment scheme" in Jefferson County sewer-financing deals, the U.S. Securities and Exchange Commission said Wednesday.

The House passed a bill Wednesday to move up tough new rules for credit card lenders, lashing out at an industry that has been raising interest rates and fees at a furious pace since the rules were passed in May.

An article in The Birmingham News Tuesday reported my congressman, Artur Davis, will vote against the House's health care bill.

WASHINGTON Last week, The Washington Post managed to surreptitiously stumble across a document revealing that several members of the House Defense Appropriations subcommittee are being investigated by the House Ethics Committee.

Legislation to permanently exempt smaller public corporations from outside audits of their internal controls over financial reporting, a requirement that dates from the post-Enron Sarbanes-Oxley Act, was set to be approved Tuesday by a congressional committee.