Incoming Chair of Banking Committee Says Regulators Should Serve Banks

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

8 Creative Ways to Clear ClutterAround The House

Study: People Who Curse Are More HonestFamily

This Free Software Brings Old Laptops Back to LifeMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

The 3 Golden Rules of Lending to Friends and FamilyBorrow

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

Porta-Potties for Presidential Inauguration Cause a StinkFamily

Protecting Trump Will Cost Taxpayers $35 MillionFamily

7 New Year’s Resolutions to Make With Your KidsFamily

5 New Year’s Resolutions That Will Pay Off 10 Years From NowCollege

10 Tasty Alcohol-Free Drinks That Adults Will LoveFamily

10 Simple Money Moves to Make Before the New YearFamily

Could Your Pet Benefit From Marijuana-Laced Treats?Family

One would think that regulators are supposed to oversee the companies they regulate. But the incoming chair of the House Financial Services Committee, Rep. Spencer Bachus apparently has a different idea.

The incoming chair of the House Financial Services Committee, Rep. Spencer Bachus, recently gave an interview to a hometown Alabama newspaper. In that interview, he said something that sends shivers up the spine of consumer advocates: that lawmakers and government regulators exist to serve banks. A cut-and-paste from the article in the Birmingham News

Bachus, in an interview Wednesday night, said he brings a “main street” perspective to the committee, as opposed to Wall Street. “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.

He later clarified his comment to say that regulators should set the parameters in which banks operate but not micromanage them.

Together with the Senate Banking Committee, the committee being chaired by Bachus has influence over rules and regulations for banks, capital markets, housing, and consumer credit.

According to the Center for Responsive Politics, Bachus received more than $750,000 in contributions from financial firms over the last two years.

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

To read more about Bachus, check out this article from the Washington Times.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: How the Trump Tax Plan Will Affect You

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,903 more deals!