No big changes
November 1, 2010 | Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (0)Politics Daily pooh poohs any notion of revisiting financial reform:
6. Financial regulation. Passage of the law tightening regulation of Wall Street is another signature Obama achievement that Republicans have vowed to repeal. The overhaul was designed to prevent another 2008-style collapse. There are multiple reasons Republicans probably won’t succeed, including Obama’s veto pen and broad support for the law.
De-financing may not work that well, either. One major GOP target, the Consumer Financial Protection Bureau, is writing rules to make credit card, mortgage and other transactions simpler and more transparent. Banks say the bureau is intrusive and Republicans say it is a huge new government bureaucracy. But its money comes through the self-financed Federal Reserve, so Congress can’t cut it off.
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