Apropos Quote: The most formidable weapon against errors of every kind is reason. - Thomas Paine
Tuesday, 14 December 2010 09:10
The new Republican chairman of the House Financial Services Committee Rep. Spencer Bachus, R-Ala., made plain what the financial sector will get for its money in an interview last week with The Birmingham News (via Think Progress). From his "Main Street" perspective,
"In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks."
Bachus, 62, is aligned with Republicans pushing for free markets and less-intrusive regulation. From the beginning of debate over what became the Dodd-Frank law, he led opposition to measures such as resolution authority to wind-down failing firms, calling them “back-door bailouts.” He also fought against the Consumer Financial Protection Bureau, and questioned the legality of President Barack Obama’s appointment of Harvard Law School Professor Elizabeth Warren to an advisory position.
The $752,000 that Bachus' 2010 campaign received from the financial services and real estate sector speaks louder than the will of the voters conservative lawmakers invoke to justify their drown-the-government, soak-the-middle-class policies.
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