WASHINGTON - Congressman Spencer Bachus, the Ranking Republican on the House Financial Services Committee, made the following response to Chairman Barney Frank's statement that "Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will weaken the capacity of the agency to provide consumer protection."

Ranking Member Bachus said, "In a lecture at Columbia University in 1959, former President Harry S. Truman said all that is necessary to dispel any illusions about the value of efficiently operating governmental executives:

‘Whenever you have an efficient government you have a dictatorship.'

Harry S Truman (1884 - 1972), Lecture at Columbia University, 28 Apr. 1959