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Washington
Bachus Congress has more reg reform work ahead
WASHINGTON (2/25/10)—The ranking Republican member of the House Financial Services Committee said Wednesday that he thinks the U.S. Congress has missed the mark and has not addressed some issues that
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played a prominent role in the recent financial meltdown. “The CEO of Toyota was on Capitol Hill yesterday and he said he’s not sure if they’ve fixed all their problems,” Rep. Spencer Bachus, of Alabama, told attendees at the Credit Union National Association’s Governmental Affairs Conference here. “The same could be said of Congress--we’re not sure if we’ve fixed all the problems that caused the recent financial meltdown.” Bachus added, “We need to be careful not to paint with too broad of a brush as we try to identify the culprits and enact solutions. All financial institutions didn’t cause the meltdown. All Wall Street firms weren’t part of the problem.” Bachus identified areas that he believes need additional attention from federal lawmakers as they scrutinize the financial meltdown:
* Credit reporting agencies: “We have not adequately addressed the role they played in all this.” * Housing policy: “We all assumed everyone should own a home, but not everyone could afford a home. Consequently, people took on too much debt.” * Too big to fail: “The thinking that some institutions are too big to fail is wrong because that implies institutions like yours are too small to save.” * Spreading mortgage risk. “Taxpayers—even those who rent apartments—have now assumed 95% of the mortgage risk in the U.S., and that’s not fair.”


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