Tuesday, July 5, 2011

Financial Reform: Republicans Fight To Dilute Wall Street Regulations

Financial Reform: Republicans Fight To Dilute Wall Street Regulations

Wary of trying to repeal the entire statute and being portrayed as Wall Street's protectors – banks rank among the country's least popular institutions – GOP lawmakers are trying to nibble away at the behemoth measure. It's a crusade they're waging despite lacking the White House and Senate control they need to prevail.

Days ago, one Republican-run House committee approved bills diluting parts of the law requiring reports on corporate salaries and exempting some investment advisers from registering with the Securities and Exchange Commission. Another House panel voted to slice $200 million from Obama's $1.4 billion budget request for the SEC, which has a major enforcement role.

Republicans cast the cuts as part of their deficit-cutting drive, but Democrats say the reductions are designed to obstruct the new law.

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