Tuesday, July 5, 2011

Republicans Undermine Financial Overhaul Law

Seal of the U.S. Securities and Exchange Commi...Image via Wikipedia
President Barack Obama’s financial overhaul law is nearly a year old. For congressional Republicans, the fight to weaken it is just starting.
Wary of trying to repeal the entire statute and being portrayed as Wall Street’s protectors — banks rank among the country’s least popular institutions — GOP lawmakers are trying to nibble away at the behemoth measure. Rep. Jeb Hensarling, R-Texas, a leader of the House Financial Services Committee says “So Republicans in the House will be examining each and every one of the 2,000-plus pages” of the law..." It’s a crusade they’re waging despite lacking the White House and Senate control they need to prevail.

“It’s mostly setting a marker for the election. And it helps with their campaign contributions,” said Rep. Barney Frank, D-Mass., who chaired the Financial Services Committee last year and was a chief author of the law. “But it also tells people in the financial community that if they win the next election, they’ll be able to undo it all.”

 Senate Republicans are continuing a procedural blockade that has helped prevent Obama from putting Elizabeth Warren or anyone else in charge of the Consumer Financial Protection Bureau, which opens its doors in two weeks.

House panel voted to slice $200 million from Obama’s $1.4 billion budget request for the SEC, which has a major enforcement role. A Republican-run House committee approved bills diluting parts of the law requiring reports on corporate salaries and exempting some investment advisers from registering with the Securities and Exchange Commission.

Republicans cast the cuts as part of their deficit-cutting drive, but Democrats say the reductions are designed to obstruct the new law.

Source: Associated Press
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