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

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Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, says the role of Congress and federal regulators is to “serve” financial institutions.

“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.

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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.

Bachus later told the Birmingham News he merely meant Congress shouldn’t micromanage banks.

The congressman from Alabama’s 6th district has throughout his 18-year House career raised millions from financial interests, including over $1 million from commercial banks alone, according to the Center for Responsive Politics.

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He has received over $800,000 from the real estate industry, $700,000 from securities and investment firms, and $415,000 from credit companies — all of which he will have extraordinary influence over as banking committee chair.

Bachus was an important negotiator for the $700 billion Troubled Asset Relief Program (TARP) of 2008 — often derided as the “bank bailout” — which angered the public but also prevented a widespread collapse of the financial system. It passed with wide bipartisan support.

The outgoing chairman, Rep. Barney Frank (D-MA), played an instrumental role in developing sweeping financial regulatory reforms enacted by President Barack Obama in July.

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Man who scaled Trump Tower escaped from an ambulance after being hospitalized for a mental evaluation: report

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The strange saga of the man who scaled Trump Tower in Chicago continued on Tuesday.

"A man was taken into police custody Monday morning after hanging off the side of Trump Tower from a rope since Sunday evening demanding to speak to President Donald Trump," the Chicago Sun Times reported on Monday. "The man, who is in his 20s, began dangling from the tower’s 16th-floor balcony about 5:30 p.m., asking to speak to the president and trying to get his message to the media, according to Chicago Police spokesman Tom Ahern. Police officers at the scene said they believe the man used a climbing harness.

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2020 Election

New filings reveal Trump’s campaign and the GOP are in dire financial trouble

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On Tuesday, The New York Times reported that new filings show President Donald Trump's campaign — and the Republican Party itself — are teetering on the brink of financial oblivion.

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Trump has ‘routinely gossiped’ that Dr. Fauci was auditioning ‘to get a job at CNN’: report

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On Tuesday, The Daily Beast reported that President Donald Trump is now convinced that Dr. Anthony Fauci is trying to play to the media to get positive attention, or maybe even a job.

"In recent months, Trump has routinely gossiped with close associates and advisers that Fauci is behaving like a member of anti-MAGA 'resistance' commentators," reported Erin Blanco. "In the past few weeks, the president has told multiple people that he believes Fauci is angling to earn the media’s adulation and that it at times appears to him that the famous infectious disease expert is 'audition[ing]' or 'trying to get a job at CNN,' according to two sources with knowledge of his private comments."

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