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GOP begins rollback of Wall St. reform [View All]

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TomCADem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 10:13 PM
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GOP begins rollback of Wall St. reform
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Source: Politico

House Republicans quietly took their first legislative step Wednesday at repealing Wall Street reform, exposing the difficulty of rolling back a major Barack Obama law that isnt health care.

When the GOP took over the House in January, leaderships first and very public move was to bring a one-line health care repeal bill straight to the floor with the backing of their full caucus, from tea party freshmen to establishment veterans. That brash action stands in stark contrast to Wednesdays sparsely-attended Financial Services subcommittee hearing, where the panel introduced the first five bills aimed at taking down key portions of the Dodd-Frank law enacted last summer.

Republicans clearly want to strike at the heart of banking reform with legislation attacking new regulations on derivatives, credit rating agencies and private equity firms. But their piecemeal approach suggests they are trying to do so without appearing to favor Wall Street over Main Street.

And for a party so vigilant on its messaging, the GOP doesnt intend to swing the door wide-open for Democrats to go on the offensive in ways they couldnt during the repeal debate over the far less popular health care law.

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I am sure the cable media will cooperate and give Republicans cover by leaving GOP talking points about socialism and unions being filled with elitists unchallenged. Hey, perhaps they can even fund some astroturf to attack financial reform from the left so that deregulation appears bipartisan.
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