The presumptive new chair of the House finance committee, Spencer Bachus, is promising to fight his level best to make sure that banks can still gamble with our money. Yglesias has this from Bachus:
Spencer Bachus, a potential Republican chairman of the House financial services committee, has fired the first salvo in a battle with regulators – warning them against harming US banks by curbing their trading activity....
“The derivatives provisions in Dodd-Frank alone... as they stand now they’re going to take a trillion dollars out of our economy. Think how many jobs that’s going to kill,” he said.
So it's a war on the Volcker Rule, one of the handful of provisions in the Wall Street reform bill that had the potential to make a significant difference in how the big banks bet their capital. Wall Street just bought themselves a shiny new GOP House, and are counting on payback. Looks like the GOP is primed to deliver it.