Incoming Chair of Banking Committee Says Regulators Should Serve Banks

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

11 Places in the World Where You Can Afford to Retire in StyleMore

19 Moves That Will Help You Retire Early and in StyleFamily

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

9 Tips to Ensure You’ll Have Enough to RetireFamily

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: Sam’s Club Reveals Details of Black Friday, 5 Other Holiday Sales

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 1,721 more deals!