Regulators exist to ‘serve the banks,’ next House finance chairman Spencer Bachus declares

Regulators exist to ‘serve the banks,’ next House finance chairman declares

RawStory.com By Sahil Kapur
Monday, December 13th, 2010 — 3:25 pm

09 02 10c bachus Regulators exist to serve the banks, next House finance chairman declaresAlabama 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 TheBirmingham 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.

“Congressman Spencer ‘Big Bank’ Bachus has given Americans a startlingly honest answer about the House Republican agenda – do whatever is good for the big banks and Wall Street special interests, rather than what’s good for hardworking Americans,” said Jesse Ferguson, a spokesman for the Democratic Congressional Campaign Committee…

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