AIA Voices Support For New Financial Services Committee Chair

NU Online News Service, Dec. 8, 3:54 p.m. EST

The House Republican Conference has confirmed Rep. Spencer Bachus, R-Ala., as chairman of the House Financial Services Committee in the next Congress.

Rep. Bachus has been a member of the committee since 1993 and has served as ranking minority member since 2007.

Rep. Bachus said he is "committed to going title by title" through the 2,300-page Dodd-Frank Act "to correct, replace, or repeal the job-killing provisions that unnecessarily punish small businesses and community banks that did nothing to cause the financial crisis."

He added that the new leadership "will reinvigorate" the committee's oversight role and plans to hold President Obama and his economic team "accountable for their policies."

Rep. Bachus said the committee "will demand greater efficiency and savings in government programs that fall within our jurisdiction."

He added, "Now is the time to get government out of the way so businesses can create jobs and grow the economy, and our team is prepared to hit the ground running."

He will replace Rep. Barney Frank, D-Mass., who has run the committee since Democrats took over Congress in 2007.

The American Insurance Association (AIA) voiced support for Rep. Bachus in his new role and his focus on implementation of Dodd-Frank.

Leigh Ann Pusey, AIA president and CEO, said, "With the enactment of the Dodd-Frank financial reform bill earlier this year, and with the committee's likely focus on the implementation and oversight of these sweeping reforms, AIA will continue to reinforce the distinctions between insurance and other financial services."

Ms. Pusey said, "It will be especially important in the months ahead to work closely with the new chairman, the committee and the other federal agencies and regulators to ensure implementation of the new regulations and related rule-making are consistent with the legislative intent of the act.

"We look forward to working with the committee to enhance and streamline the regulatory environment for the property and casualty companies doing business domestically and abroad so they remain competitive and provide the best possible products and services to their customers," Ms. Pusey added.