Monday, January 07, 2013

Rep. Bachus Will Continue to Have Role on Financial Services Committee as Chairman Emeritus

The new Chair of the House Financial Services Committee, Rep. Jeb Hensarling (R-TX), announced that former Chair Spencer Bachus (R-AL) will serve as the Committee’s Chairman Emeritus in the 113th Congress. As Chairman Emeritus, Rep. Bachus will continue in a senior role on a panel where he has served as Chairman for the past two years and as Ranking Member for the previous four. During his chairmanship, Rep. Bachus guided major bipartisan legislation through Congress, the Jumpstart Our Business Startups (JOBS) Act

Noting that members on both sides of the aisle have tremendous respect and admiration for Chairman Bachus, Chairman Hensarling said that conferring the status of Chairman Emeritus is a recognition of his many contributions and the fact that he has so much more to contribute to the Committee. Members of the Financial Services Committee will continue to benefit from the wisdom, counsel and leadership of the Chairman Emeritus, added Chairman Hensarling.

In the 112th Congress, Chairman Bachus championed the idea of an SRO for investment advisers as the most comprehensive and streamlined approach to address the regulatory weakness. To that end, Chairman Bachus and Rep. Carolyn McCarthy (D-NY) co-sponsored bi-partisan legislation, the Investment Advisers Oversight Act, H.R. 4624, to establish an SRO for investment advisers. Noting that SEC-registered investment advisers are generally inspected once every decade, Chairman Bachus said that investor protection requires more timely oversight of investment advisers. He noted that H.R. 4624 closes a glaring regulatory gap that undermines investor confidence. One of the tenors of the Dodd-Frank Act is that the inadequate oversight of investment advisers is a weakness of the current financial regulatory system, he noted.