Consider this statement from future House majority John A. Boehner of Ohio:
“When it comes to the financial services bill and the 358 regulatory filings required under that bill,” Mr. Boehner said, “it’s going to require a significant amount of oversight — so that not only will the Congress understand, but the American people will understand, just what this bill will do to our financial services industry.” The Republicans will also most likely seek changes to the Consumer Financial Protection Bureau, which they believe was given too much power.”
Thus, rather than try to outright repeal the milquetoast Finreg laws, we are gong to see a 1000 small pushbacks, clipped wings, challenges. We should expect the new “oversight” to include new hearings, new subpoenas, and general harassment of regulators by the House of Representatives.
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