Thursday, July 15, 2010

GOP Call For Repeal Of Wall Street Reform

From an article by Lucia Graves at The Huffington Post:
Minutes after the Wall Street reform bill passed, House Minority Leader John Boehner (R-Ohio) called for its repeal, saying the legislation penalizes Main Street bankers for the crimes of a few on Wall Street.

"I think it ought to be repealed," Boehner told reporters at his weekly press conference Thursday. "I think the financial reform bill is ill-conceived. I think it's going to make credit harder for the American people to get -- clearly harder for businesses to get. And the fact that it's going to punish every banker in America for the sins of a few on Wall Street, I think is unwise. On top of that, I think that it institutionalizes "Too Big To Fail" and gives far too much authority to federal bureaucrats to bail out any company in America they decide ought be bailed out."

Boehner ran through some common Republican talking points, slamming the administration and the financial reform package and ending with a tribute to the virtues of transparency.

"There are common sense things that we should do to plug the holes in the regulatory system that were there, and to bring more transparency to financial transactions," he said.
If the GOP is going to run on a repeal platform, they have another thing coming.  The GOP will most likely pick up some seats this year but if they continue down this path, trying to reverse any reforms made, I would believe more likely then not that come 2012, the American electorate will punish the conservatives for adopting regressive right-wing politics placing the interests of the average citizen on the backburner while they cater to special interests...

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