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Tuesday, December 14, 2010

Incoming House Finance Chair: Regulators exist to ‘serve the banks,’

By Sahil Kapur
"BIG BANK BACHUS"
Rawstory
Monday, December 13th, 2010 -- 3:25 pm

 Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, suggested Congress and federal regulators should play a subservient role with banks.

"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," Bachus told The Birmingham News in an interview.

The Republican leadership last week designated Bachus the next chairman of the powerful House Financial Services Committee, which is tasked with overseeing banks, financial markets, housing and consumer credit.


Democrats characterized the remark as a Freudian slip, nicknaming the Alabaman "Big Bank Bachus" and claiming the new Republican-controlled House will put the interests of financial institutions ahead of the American public.


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