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December 14, 2010

Incoming GOP House Finance Panel Chair: Gov’t Should "Serve the Banks"
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The field of incoming Republican committee chairs in the U.S. House of
Representatives continues to draw controversy before the new Congress
begins next month. The next chair of the House Financial Services
Committee, Rep. Spencer Bachus of Alabama has been quoted saying
lawmakers and regulators should "serve" Wall Street. Speaking to the
Birmingham News, Bauchus said, "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." Shortly before the midterm
elections that propelled him into the committee chairmanship, Bachus
urged a gathering of financial industry lobbyists to donate heavily to
Republicans in response to the Democrats’ overhaul of financial
regulation.



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