Senate Republicans begin payback to Wall Street for filling their 2010 campaign coffers

[flpoljunkie]

Senate Republicans call for complete repeal of Wall Street reform
By Peter Schroeder

04/01/11

Senate Republicans are introducing legislation to repeal the Wall Street reform law in its entirety, breaking with House Republicans who have opted for a go-slow approach to rolling back the regulatory overhaul. Sen. Jim DeMint (R-S.C.) announced Friday that he will introduce legislation to repeal the Dodd-Frank financial reform law and said the bill has 18 co-sponsors, including the entire Senate Republican leadership.

"We must repeal the Democrats’ takeover of the financial markets that favors Wall Street corporations, over-regulates small businesses with massive new bureaucracy and hurts consumers,” said DeMint in a statement. “This financial takeover will strangle our economy and move jobs overseas unless it is repealed."

The bill has attracted a variety of Republican cosponsors, ranging from the most senior members of the caucus to fiscally conservative freshmen. Senate Minority Leader Mitch McConnell (R-Ky.), Minority Whip Jon Kyl (R-Ariz.), Republican Conference Chair Lamar Alexander (R-Tenn.) and Republican Policy Committee Chair John Thune (R-S.D.) are all cosponsors on the bill, along with newcomers like Sens. Mike Lee (R-Utah) and Rand Paul (R-Ky.), according to DeMint's office.

The legislation represents newfound aggression towards the Wall Street reform law from Republicans. While the GOP has been critical of the law, citing concerns over excessive and burdensome regulations that could stifle economic growth, a big push to scrap the law completely has failed to materialize.

more...

http://thehill.com/blogs/on-the-money/banking-financial-institutions/153287-senate-gop-pushing-repeal-of-wall-street-reform

[Frustratedlady]

1. It appears to me Wall Street has done pretty darned well under Obama.

Not like the rollercoaster of the years under George.

[flpoljunkie]

3. Yes, they have. Hiring Elizabeth Warren to set up the CFPB is not enough.

President Obama needs to do more to rein in the banks and help people with foreclosures and underwater mortgages.

[Kdillard]

2. If Republicans are not tossed out after what we are seeing them do in the House and Senate

this country deserves what it gets.

[flpoljunkie]

4. Can't argue with that.

[Lasher]

5. I don't know what they're so upset about.

Wall Street reform seems pretty mediocre to me, and doesn't go nearly far enough to prevent abuses that got us into this mess.