It’s starting already:
WASHINGTON—Rep. Spencer Bachus, the Republican expected to take the gavel of the House Financial Services Committee next year, said he plans to rewrite the derivatives provisions of the Dodd-Frank financial overhaul law.
“That’s one of the job-killing provisions of Dodd-Frank that needs to be addressed,” the Alabama Republican said in an interview Wednesday morning, calling the provisions “overly expansive.”
Oh, that’s rich, arguing you need to amend the derivatives laws because they’re “job killers.” Hey, what about all the jobs that’ll be creating by the exchanges to handle the new business coming their way? Won’t that create jobs? One job, maybe? Anything?
The finance boys have once again done their job well. Look at this Bachus page on opensecrets.org. Who is Bachus’ biggest contributor through his career? Commercial banks. Insurance and real estate come in next, with securities next and finance companies after that. And now they’ve got a friendly voice taking over the financial services committee, one who already wants to rewrite the finreg rules. How convenient.
I can’t wait to see how far backwards John “don’t let those little punk staffers take advantage of you” Boehner’s House is going to bend for the banking lobby. David Weidner pegged it last night during the election show. The banks don’t necessarily want to buy elections, they want to buy influence. They don’t care if a Republican or a Democrat holds a seat in Congress, so long as they vote in favor of the banks.
They’ve got a very piable audience in DC. Both parties.