"Washington’s Role Is To Serve The Banks" Says Spencer Bachus Incoming House Banking Committee Chairman
Dec 13, 2010 at 6:12 PM
DailyBail in Wall Street Bailout, banks, banks, congress, congress, spencer bachus, tarp, wall street, wall street, wall street reform

Scroll down for VIDEO...


A reporter is doing an interview and is obviously recording.  Do these guys even think before they begin speaking. 

Bachus supported TARP, though begrudgingly, and only after he was removed by Republicans from his role as lead TARP negotiator with Democrats.  He also showed some intelligence last week when, against certain Wall Street Congressional interests, he appointed Ron Paul as Chairman of the House Monetary Policy sub-committee with oversight over the Fed.

But he's still a hypocritical TARP scallywag


Bachus Gets His Chairmanship

Source - Birmingham Times

Rep. Spencer Bachus (R-AL) will become chairman of the House Financial Services Committee in the 112th Congress.  Bachus, in an interview Wednesday night, said he brings a "main street" perspective to the committee, as opposed to Wall Street.

In the 2009-10 election cycle, the finance/ insurance/real estate sector gave Bachus' campaign account $752,200, most of it from political action committees, according to an analysis by the Center for Responsive Politics.  Democrats Wednesday were critical of that connection.

"Republicans putting Spencer Bachus in charge of financial regulation is voting for the fox to guard the henhouse," said Ryan Rudominer of the Democratic Congressional Campaign Committee.

In his quiet campaign for the chairmanship, Bachus promoted an agenda to end taxpayer subsidies for mortgage giants Fannie Mae and Freddie Mac, repeal those parts of the Wall Street reforms that he thinks still leave the door open for taxpayer bailouts of financial institutions or their creditors, and increase oversight of President Barack Obama's administration.

"Now is the time to get government out of the way so businesses can create jobs and grow the economy," Bachus said.

Bachus has spent the last four years as the ranking Republican on the banking committee, the counterpart to chairman Rep. Barney Frank, D-Mass., and it wasn't without controversy. He irritated some of his GOP colleagues during the crisis negotiations over the $700 billion economic rescue package back in 2008, and they replaced him as their lead bargainer in the talks. He eventually supported the Troubled Assets Relief Program, but quickly became a critic of how President George W. Bush's administration was implementing it. Soon after, he survived a challenge to his ranking position, a sign that he has loyal friends inside the Republican caucus, many of whom he has showered with campaign contributions over the years. 

Continue reading...


Now watch Bachus and try not to hurl...

Video - Bachus is upset about TARP but he voted for it


Article originally appeared on The Daily Bail (http://dailybail.com/).
See website for complete article licensing information.