Labor & Employment Law

Republicans Tap Leading Foe of Wall Street Reform to Oversee New Rules

By Mike Hall

Last year as the fight to rein-in Wall Street excesses?such as the mysterious and risky derivatives market?raged in Congress, the U.S. Chamber of Commerce was leading the corporate charge against reform.

Big Business couldn?t kill Wall Street reform then, but with Republicans taking control of the U.S. House next week, don?t think that battle is over. Think Progress reports the Chamber?s senior director of its division dedicated to de-regulating the complex derivatives market will now play a major role in overseeing how the new law that regulates derivates is implemented.

Ryan McKee has been hired by the incoming chairman of the House Agriculture Committee, Rep. Frank Lucas (R-Okla.), as senior staffer to oversee the Commodity Futures Trading Commission. Writes Think Progress?s Lee Fang:

In her new role working for Lucas, McKee will be liaising with regulators in charge of implementing new rules under the Dodd-Frank Wall Street reform law to overhaul the over-the-counter derivatives market.

Last year, as Tim Fernholz of The American Prospect reported, the Chamber-organized a conference call strategy session with Wall Street and bank lobbyists and executives. During the call, McKee summed up the group?s goal on Wall Street reform:

We?re fundamentally trying to kill this.

What else is in store when Republicans take control of key committees charged with keeping an eye their friends in the corporate world?

Republicans raised eyebrows recently by proclaiming that they intend to ?serve the banks? rather than regulate them. By hiring bank lobbyists like McKee to oversee reform, it?s clear Republicans plan on fulfilling that promise to undermine reform.

Now serving AIG, Citgroup, JP Morgan?

Full post as published by AFL-CIO NOW BLOG on December 28, 2010 (boomark / email).