Word: bachus
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...bill passed, and Thursday's reception in the House shows he has a rough road ahead. 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. Regulators are also sniping. At Thursday's hearing in the House, Federal Deposit Insurance Corporation chair Sheila Bair said the Administration's plan didn't give enough power...
...debate will probably center not on level playing fields but on whether consumers need protection at all. "The proposed CFPA appears to be premised on the idea that Washington is better at making financial decisions for all Americans than leaving that choice up to individual Americans," said Spencer Bachus, the ranking Republican on the House Financial Services Committee - whose top five 2008 campaign donors were UBS, Citigroup, Credit Suisse, JPMorgan Chase and Bank of America, according to the Center for Responsive Politics...
Current Fed chairman Ben Bernanke has had to explain himself on Capitol Hill a lot more often than that. 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 outlook...
...this willingness to explain policies and chat with Congress about them hasn't endeared Bernanke and the Fed to all its members. Far from it. After thanking Bernanke in his opening remarks, Bachus - the ranking Republican on the committee - went on to complain that the Fed had taken on too much authority and should restrict itself in the future to setting monetary policy. Texas Republican Ron Paul, whose calls to abolish the Fed have gotten more attention lately than they used to, claimed that "the Federal Reserve, in collaboration with giant banks, has created the greatest financial crisis ever seen...
...Bachus, Rep. Spencer • number of "socialists" in the House of Representatives...