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Spencer Bachus, US Senator

Tuesday 14 December 2010 - by Will Henley

Spencer Bachus (left) and Barney Frank
 A hard-bitten opponent of the Democrats, Spencer Bachus 'III' proved effective in 2010 at stymieing elements of the Dodd-Frank Bill and comes 46th in the GFS Power 50.

The Alabama Representative succeeded sparring partner Barney Frank as chairman of the influential House Financial Services Committee in early December, following his party's successful campaign to wrest back control of the House in the November 2010 midterm elections.

A ranking member of the committee since 2007 and a member since 1993, Bachus is the first Alabama member since Henry Steagall - author of the Depression era Glass-Steagall Act - to be nominated as the committee's chair.

Earlier this year he piled on pressure on the US Federal Reserve and the Securities and Exchange Commission by accusing them of turning a blind eye to accounting fraud at Lehman Brothers during the crisis.

More recently, he called for the Fed and Treasury to investigate Elizabeth Warren's nascent Consumer Financial Protection Bureau.

He has criticised the "unlimited" bailout of Fannie Mae and Freddie Mac and accused the administration and Democratic party of failing to reform the government sponsored enterprises.


Bachus last month criticised former vice presidential candidate Sarah Palin's high-profile campaigning for Tea Party candidates, blaming her for the Republicans' failure to take the Senate from the Democrats.

Learn more about the GFS Power 50, a countdown of the most influential people in worldwide financial regulation in 2010.


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