As GOP takes House reins, Republicans to reexamine financial regulatory overhaul

By Brady Dennis
Washington Post Staff Writer
Friday, December 24, 2010; 4:25 PM

As the GOP prepares to seize control of the House in January, its members on the Financial Services Committee are vowing to reexamine the wide-ranging financial regulatory legislation passed earlier this year.

Among other things, the overhaul hammered out in the wake of the financial crisis establishes the new Consumer Financial Protection Bureau, creates oversight of the vast derivatives market and gives the government broad new authority to seize and wind down large, troubled financial firms.

"We're looking at it provision by provision," Rep. Spencer Bachus (R-Ala.), the incoming committee chairman, said in an interview.

President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law in July, and Republicans have consistently described it as a massive government overreach that will stymie businesses and economic growth. It was named for its primary sponsors, Rep. Barney Frank (D-Mass.) and Sen. Christopher J. Dodd (D-Conn.).

(More here.)