Rep. Bachus Tells Local Paper That Washington Should 'Serve' Banks

By Peter Schroeder, The Hill

Rep. Spencer Bachus (R-Ala.), the incoming chairman of the House Financial Services Committee, is coming under fire from liberal groups for suggesting that federal lawmakers and regulators exist to "serve the banks."

Bachus, who is poised to oversee the implementation of the Dodd-Frank financial regulatory overhaul, made the comment in an interview with The Birmingham News.

"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," he said.

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