Politics

Republicans Side with Wall Street Over Main Street, Again

By Karina

Working on behalf of Big Banks and Wall Street, congressional Republicans are desperate to weaken or altogether stop tough Wall Street Reform legislation from coming out of the House and Senate Conference Committee currently negotiating a final bill. This is even after efforts by Senate Republicans earlier this year to delay, delay, delay, and weaken the legislation failed.

Yesterday, Sen. Richard Shelby (R-AL), the Ranking Republican Member of the Senate Banking Committee, told the North Carolina Bankers Association that the consumer protection agency is the “worst” part of Wall Street Reform legislation and promised that if he were chairman of the committee “you wouldn?t be having these nightmares right now“:

The ranking Republican on the Senate banking committee on Monday told a group of N.C. bankers that a proposed consumer financial protection agency is the “worst” part of an industry overhaul making its way through Congress?

The former banking committee chairman said he has worked to delay legislation for more than a year, but noted Republicans aren’t in charge as negotiators work to finish the bill in the next week or so?

Asked about the consumer protection agency, he said he doesn’t like having an agency that focuses solely on consumers, unlike other regulators that also monitor the overall health of a bank?

Democrats are committed to a bill that puts consumers first, holds Big Banks accountable, ends taxpayer-funded bailouts and imposes tough oversight to ensure Wall Street?s risky behavior never again costs Americans jobs, homes or retirement security. This afternoon, conferees are meeting on provisions addressing consumer protection, risk retention, mortgage reform and anti-predatory lending. Watch the live webcast»

Full post as published by The Gavel on June 22, 2010 (boomark / email).