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Spencer Bachus, incoming House financial chairman, gets heat for saying regulators should 'serve' banks
Key Excerpts from Article on Website of Los Angeles Times
Posted: November 23rd, 2014
http://latimesblogs.latimes.com/money_co/2010/12/spencer-bac...
The incoming Republican chairman of the House Financial Services Committee is facing fire for recently saying that Washington and banking regulators should "serve" the banks. Rep. Spencer Bachus (R-Ala.), who recently beat back a challenge from Ed Royce of Fullerton to win the chairmanship of the powerful committee, made the comments in an interview with the Birmingham News. "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," Bachus said. The Democratic Congressional Campaign Committee quickly dubbed him "Big Bank Bachus" and highlighted the more than $1 million in campaign contributions he has received from Wall Street over the years. Outgoing Financial Services Committee Chairman Barney Frank (D-Mass.) jumped into the fray. He slammed Bachus' intentions to scale back the recently enacted financial reform law, including trying to limit the powers of the new Consumer Financial Protection Bureau, saying the comments showed "a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules governing safety and soundness. 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, Frank said.
Note: For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.
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