January 8, 2009

Congressman Spencer Bachus, Ranking Member of the House Financial Services Committee, announced today the selection of Congressman Scott Garrett (NJ-05) as Ranking Member for the Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.

Ranking Member Bachus said, "During his six years on the House Financial Services Committee, Scott Garrett has been a tireless advocate for the taxpayer and an avid protector of the free markets. His 20 years of experience dealing with issues related to securities, finance and insurance have manifested in his work on many notable legislative initiatives, including efforts to ease the burden placed on small business by Sarbanes-Oxley, reign in the size and scope of Fannie Mae and Freddie Mac, and promote new and innovative mortgage securitization models such as Covered Bonds. During the 111th Congress, complex and unprecedented financial markets issues will be in the forefront of the agenda, and I have no doubt that Scott Garrett's leadership and vision as the Capital Markets Subcommittee Ranking Member will be an irrefutable asset to this Committee."

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