Another major accomplishment of the Obama administration happened on Thursday in the passage of Financial Reform. This new reform forced the Republicans in congress to come up with their new counter measure policy that will accomplish all that the Democrats Financial Reform legislation accomplishes, but in a more conservative way. Yes, the new counter policy from the Republican Party is, Repeal Financial Reform.
Shortly after the vote on the Senate floor, GOP House Minority leader John Boehner said this;
“I think it ought to be repealed. There are common sense things we should do to plug the holes in the regulatory system that were there and to bring more transparency to financial transactions, because transparency is like sunlight and sunlight is the best disinfectant.”
“I think the financial reform bill is ill-conceived, I think it is going to make credit harder for the American people to get.”
With that statement, the American people saw a new counter policy measure by the Republicans. Somewhere in their think-tank, someone came up with this repeal message as something the American people would want and John Boehner bought into it. Yes, repeal.
GOP Mike Pence also reflected Boehner’s suggestion of repeal, saying
“This bill can be summed up in two words: ‘government control’ and it will serve as the latest piece of the president’s job-killing agenda. This represents another defeat for Hoosier families, small businesses and family farms, who continue to wonder when Washington Democrats will set aside their big government programs and work with Republicans on ideas that can actually put Americans back to work.”
So what’s in the Financial Reform bill that’s causing all these Republicans to have their panties all in a bunch?
- A new consumer protection agency created within the Federal Reserve: This agency will look out for consumers. Yes, an agency looking out for consumers to protect us from the unscrupulous activities of Credit Card companies and big banks.
- Increases Regulations on Big Firms: This is something Republicans and the last administration relaxed over the last 8 years and due to this lax in regulation of Big Businesses and corporations, our economy almost fell off the cliff. There are more regulations in this new Financial Reform Legislation.
- Limits risky trading by Big Banks: This is designed to cut down on a practice banks previously had and also cut down on what is called derivative trading.
- Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.
These are some of the features of the new Reform bill that Republicans want to Repeal. Consumer protections, regulations on big firms and protecting investors are not high on the Republican’s to-do list. So trying to repeal the bill and leaving things the way they are is what John Boehner and the Republicans are determined to do if they win in November.
This is their policy. This is their plan. Repeal everything and anything the Obama administration accomplished while in power. GOP wants to repeal Health Care Reform because in their eyes, insurance companies will be more regulated and required to provide insurance to more Americans. Insurance Companies cannot simply drop Americans when they get sick. In these Republicans’ eyes, if Corporations are disadvantaged, the bill must be repeal even if the American people benefits.
The same can be said about financial reform. Republicans don’t care about protecting consumers from dishonest companies; they care about safe-guarding these companies profit margins by removing whatever regulations this bill employs.
The Republican party – where any bill that benefits the American people and regulates companies, must be repeal.
- “What Would Republicans Take Away By Repealing The Wall Street Reform Bill?” and related posts (wonkroom.thinkprogress.org)
- GOP Leader calls for Wall St. reform repeal (thehill.com)
- The Financial Reform Bill Battle Ends: The Financial Reform Bill Battle Begins (themoderatevoice.com)