"GOP aims to influence banking changes; Crafting strategy to shape way law is applied" by Phil Mattingly, Bloomberg News / November 21, 2010
Republicans, who will take power in the House in January, have already voiced concerns with the so-called Volcker rule to bar banks trading on their own accounts and new derivatives rules designed to push the $615 trillion over-the-counter market onto regulated clearinghouses and exchanges — two issues that have garnered much attention from Goldman Sachs Group Inc., JPMorgan Chase & Co., and Bank of America Corp., according to meetings posted on the federal regulators’ websites.
Sort of knew this was coming.
Also see: Senate Sends Along Financial Fraud Bill
The shots across the regulatory bow are reminiscent of the period after the electoral shift in 1994, which gave Republicans a net gain of 54 seats to swing into power in the House. They promised to cut down on rules and regulations being implemented by President Bill Clinton’s administration.
Alabama Representative Spencer Bachus, the Republican in line to be chairman of the House Financial Services Committee, and Representative Darrell Issa, the California Republican in line to lead the House Oversight and Government Reform Committee, have said that they will lean heavily on investigations and hearings to rein in parts of the new law they deem too restrictive on the banking industry....
Looks like Wall Street got its lobbying money's worth.
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Related: Obama Defends the Fed
And so will the Repuglican leadership in Congress.
Also see: Tea Party Threatens Pentagon
Now you know why tea made the corporate AmeriKan media so sour.
