Spencer Bachus: “Consumer fraud is real. Go after that, not after an archery store.”

Again, I thank the chairmen, the ranking members, and their staff for putting this together. The resolution process for financial institutions is one of the pieces of unfinished business from the 2008 financial crisis, and we will finish…

The program also can deny legitimate merchants access to financial networks they need to survive.

However, my continued concern is that the program threatens to dry up legitimate sources of credit and financing.

My Democratic colleagues have said they want to wrap this up. So let me just simply say to you that this is having the effect of shutting down these companies, whether that was intended or not.