Boehner Proposes Repeal of Just-Passed Wall Street Reform Bill

Jul 15, 2010 6:30pm

ABC's Jonathan Karl reports:

President Obama, Senate Majority Leader Harry Reid, DNC Chair Tim Kaine and other Democrats are jumping all over House Republican Leader John Boehner for saying today that the financial reform bill should be repealed.  The final bill just passed the Senate today.

Given that Boehner has previously said the bill was like “killing an ant with a nuclear weapon,” it’s not shocking that he would favor repeal.  Today’s comments came this morning, before the bill actually passed the Senate, in response to a question about whether Republicans would try to repeal it.

Here’s what he said at a Capitol Hill news conference:

Q:  Leader Boehner, do you expect Republicans to make a concerted push to repeal, or repeal and replace the financial reform bill now that it seems pretty certain to pass in the Senate?

BOEHNER:  I think the financial reform bill is ill- conceived. I think it's going to make credit harder for the American people to get, clearly harder for businesses to get. And for the fact that it's going to punish every banker in America for the sins of a few on Wall Street, I think it's unwise.
On top of that, I think that it institutionalizes too big to fail, and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out.
I think it ought to be repealed. There are common-sense things that 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.

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