And while a major theme of Obama's speech was restoring America's competitiveness, Bachus warned that policies pushed by the administration are actually putting the nation at a disadvantage.
"The Volcker Rule, derivatives, and many provisions of Dodd-Frank are raising costs for American businesses and sending jobs overseas," he said.
He also took the president to task for being silent on housing finance reform.
"The administration continues to kick the can down the road on Fannie Mae and Freddie Mac," he said. "We need a housing finance system that does not rely on government guarantees and subsidies and that stops taxpayer bailouts."