GOP begins rollback of Wall St. reform
By: Meredith Shiner
Politico.com
March 16, 2011 08:50 PM EDT
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 isn’t health care.
When the GOP took over the House in January, leadership’s 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 Wednesday’s 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 doesn’t intend to swing the door wide-open for Democrats to go on the offensive in ways they couldn’t during the repeal debate over the far less popular health care law.
(More here.)
Politico.com
March 16, 2011 08:50 PM EDT
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 isn’t health care.
When the GOP took over the House in January, leadership’s 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 Wednesday’s 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 doesn’t intend to swing the door wide-open for Democrats to go on the offensive in ways they couldn’t during the repeal debate over the far less popular health care law.
(More here.)
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