Spencer Bachus

The Financial Committee's work on this reconciliation package saves more than $35 billion. But more importantly, it does what 2,300 pages of Dodd-Frank, 400 new regulations, over 2,000 newly hired Federal regulators, many them living in my…

Let me tell you what our motivation is. And I think I speak for most Members. My grandfather was a railroad engineer, and that was part of his identity. That is what he did. My dad was a contractor. My other grandfather was a farmer. That…

Last year, only 8 percent of investment advisers were examined by the SEC.

We believe the Commission should first determine whether more reforms are needed...

How the SEC spends its money is a reflection of the Commission's priorities...

The Dodd-Frank Act expanded the SEC's authorities and responsibilities, requiring the Commission to promulgate 123 rules...

It is very disappointing, however, that Treasury refused to make Dr. Berner available today to address these questions.

If the OFR is going to stockpile sensitive financial information, then it needs to make sure the data stays out of the hands of hackers, criminals, and those who would do this country harm.

Let me say this: during this debate, we focused on crowdfunding, but I think we're all in agreement that this bill is a great improvement, and we will revisit that. That shouldn't distract from the fact that this is a major piece of…

At this time, I yield 1 minute to the chairman of the Subcommittee on Financial Institutions, the gentlelady from West Virginia (Mrs. Capito), who also worked very hard on this legislation.

At this time, I yield 2 minutes to the gentleman from Arizona (Mr. Schweikert), a member of the committee, who sponsored and worked on these bills.

At this time, Madam Speaker, I yield 2 minutes to another Illinois Congressman, Mr. Dold.

At this time, I yield 2 minutes to the gentlelady from Illinois (Mrs. Biggert), the chairman of the subcommittee.

What we learned to date is that, notwithstanding the promise of the Dodd-Frank Act, regulators do not work together.

We need to understand what happened at MF Global, both for the benefit of ranchers and farmers who lost money, as well as the American public which benefits from a properly and effectively functioning commodity market.

Thank you, Chairman Neugebauer, for convening this hearing to examine events in the tumultuous final days of MF Global. I commend you for the subcommittee's continued careful and comprehensive review of the facts.

The biggest driver of the ever-increasing deficits this Nation faces is the runaway growth in all of our major entitlement programs: Medicare; Medicaid; and Social Security.

I think we should reduce the deficit, but to talk about doing that by cutting Social Security, and Medicare to the exclusion...

Without question, this gives the CFPB Director power that far exceeds that of any other financial regulator.

In a well-publicized speech 2 months ago in Kansas, the President said we should be strengthening oversight and accountability.

Unfortunately, the CFPB is designed in a way to avoid critical oversight and accountability.

It is absolutely essential that we do restore the public's trust.

This legislation proves to the American people that if there is a problem, those of us in Congress will fix it.

I hope this committee will use this bill, the STOCK Act, as the vehicle to expand and build the American people's confidence in this institution.

I believe that H.R. 1148 is a great starting point for this Congress.