“No Man’s life liberty or property is safe while the legislature is in session”.

- attributed to NY State Judge Gideon Tucker

Thursday, November 18, 2010

The Skeleton In Spencer Bachus' Closet

As the GOP begins to name its House committee chairmen, the Wall Street Journal peeked into the closets of a few Republicans. What it reported in last Wednesday's edition, in its lead staff editorial, was troubling.

It turns out that Alabam's Spencer Bachus, a frequent guest on CNBC, was far less conservative and responsible regarding Fannie Mae than he has been talking recently. Specifically, the Journal cited Bachus' efforts in 2005 and 2007 to fend off tighter regulation and stiffer capital requirements for the GSE.

Not coincidentally, Bachus "was the single largest House recipient of campaign cash from Fannie and Freddie from 1989-2008."

The editorial argued for Californian GOP Representative Ed Royce to take over the Financial Services committee.

From what I read, though, it's clear that Bachus' recent charade is just that. And that he should be denied control of this important House committee.

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