Boehner Proposes Repeal of Just-Passed Wall Street Reform Bill
EmailABC'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are jumping all over House Republican Leader John Boehner for saying today that the financial reform bill should be repealed.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I think it ought to be repealed.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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Of course it should be repealed, along with the rest of the disasterous economy killing monstrosities that the Democrats have rammed through this year.
Posted by: exceller | July 15, 2010, 8:57 pm 8:57 pm
Then please tell me WHAT DISASTEROUS ECONOMY KILLING MONSTROSITIES THAT THE REPUBLICANS AND BUSH “rammed through” for 8 YEARS. Dah! Weren’t Bush the President for EIGHT years while Americans were losing 700 thousand jobs a month and the ECONOMY was in a Ditch! The Worst Economy Disaster since the GREAT DEPRESSION!!!!What was Their Solution??? Unpaid for Wars, Medicare part D, Unregulated Financial and OIL institutions, TAX CUTS for SOME of Ameicans and NOW you’re whining? Get real or grow a brain.
Posted by: sara | July 15, 2010, 9:38 pm 9:38 pm
Is this guy Boehner for real???? LOL that he can speak with a straight face. I look forward to seeing his “leadership” if the repubs win the house. Then actual responsibility will seem all too real to him and he’ll have to begin acting like an adult instead of an infant in the terrible two “no” stage.
Posted by: insidiator | July 15, 2010, 9:46 pm 9:46 pm
You can’t kill something that died in the previous administration.
Posted by: insidiation | July 15, 2010, 9:59 pm 9:59 pm
Sara…the dems have had a large Congressional majority for 3 1/2 years. We had 4.7 unemployment before the dems took over. Nice try though
Posted by: JamesJ | July 16, 2010, 9:32 am 9:32 am
OK, let’s review how successful the past decade was for the Middle Class: Our government freed big oil, the insurance companies, and Wall Street of the “burdens” of government accountability. Did that economic policy of deregulating big Corporations, freeing them from “punishment” + cutting taxes for the wealthy actually translate into Family Wage jobs?
NO. During the Bush era, the economy built a pathetic 3 million new jobs, the worst job creation since records have been kept. Why should we believe people like Boehner who say, once again, that deregulation and the “invisible hand” of the market will magically return our economy around and create new jobs?
Those policies systematically transferred wealth from the middle class to the wealthiest two percent of Americans. According to investigative tax reporter David Cay Johnston, at the end of the housing bubble boom, middle class family incomes were LOWER than when Bush took office. It was the first expansion in history when the economy grew, but the buying power of middle class families did not. By 2007, 72% of our nation’s wealth was concentrated in the hands of the top 10%. Boehner represents the elite and major corporations, not small businesses and the unemployed.
Posted by: green.goddess | July 16, 2010, 11:41 am 11:41 am
green goddess…i am the face of small business and we know who cares about us and its not obama and the dems.4.5% unemployment is alot better than 9.7%.anyone with a brain knew the stim bill would not work because it was doled out to unions and states.most people also know that fannie and freddie had more to do with the down turn than anything. the dems have been in control for 4 years and we all know what a horrid job nancy pelosi has done.no ones buying the blame george bush game anymore. i couldnt stand bush but he is better than what we have now.
Posted by: catman | July 16, 2010, 1:26 pm 1:26 pm
Posted by: catman | Jul 16, 2010 1:26:07 PM
I too am the face of small business. Mom and Pop software – been at it for over a decade.
The economy needs to add roughly 1.5 Million jobs EACH YEAR just to keep pace with new workers entering the market. The 3 Million jobs built over the past 8 years could not keep up. This jobs crisis and the Depression did not happen because of the Obama administration. It’s been building for decades, with forces out of our voting control. Check out “The Great American Bubble Machine” by Matt Taibbi.
We remain with a jobs crisis. The fact that things are getting better most months, then worse in other months, obscures both how bad the situation is and how rapid our improvement has to be to really make a dent in it.
Republicans have no appetite to try to intervene in this crisis in any further way except to go back to the policies that do not build enough jobs to keep pace with new workers, much less create enough jobs to re-employ those millions already out of work.
Posted by: green.goddess | July 16, 2010, 1:59 pm 1:59 pm
Nothing good can come from a party that produces a president who bows to a foreign prince.
Posted by: tanarg | July 16, 2010, 5:56 pm 5:56 pm
Please vote this boehner out of office. Stick this piece of trash on the unemployment line.
Posted by: John Bonehead | July 20, 2010, 11:45 pm 11:45 pm