Rupublicans ready to roll back Wall Street reforms
Maroons of both parties… unite! 
(I use the cartoon term because “moron” is derogatory.)
Republican retrograde motion…?
House Republicans today announced legislative measures to weaken (some would say “gut”) the new Consumer Financial Protection Bureau (CFPB), which was the most popular part of the Wall Street reforms enacted last year. The bureau is an independent agency that is funded by fees that banks pay to the Federal Reserve. Starting on July 21, it will regulate credit cards, mortgages, and financial products like payday loans.
Sounds like a pretty good idea SO far! No wonder it was so popular! So what do these House Republican maroons think that they are doing, anyway? (And what voter maroons elected them…?) I have always contended that they were elected to send a message of voter unhappiness about incumbent Democrats, so NOBODY should think that they have the support of The People.
Among other things, the House Republicans say that they want to:
- Replace the job of director of the Bureau with a five-member committee (Remember that a camel is a horse designed by a committee.)
- Make it easier to overturn and veto consumer bureau rules. (The RICH ought to like THAT one!)
- Prevent the bureau exerting any new powers until the Senate confirms a director. (The bickering in the Senate could tie things up for a LONG time!)
The House Financial Services chairman Spencer Bachus claims that that new legislation is not about watering down consumer protections.
But WHAT WOULD BE THE RESULT…?
-Bill at
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