We
knew this was coming, the Republicans' latest not-job creating legislation to roll back Wall Street reform. Because, hey, what's a little global financial meltdown between friends? Why should
Wall Street have to be accountable?
In a two-pronged approach that began with starving funds from relevant federal agencies like the Treasury, Securities and Exchange Commission, and Commodity Future Trading Commission, the GOP now has launched into the symbolic phase of floating repeal legislation favored by the banking lobby.
Republicans have proposed measures that would eliminate provisions in Dodd-Frank making credit-rating agencies like Standard & Poor’s or Moody’s liable if their initial ratings are faulty; destroy the establishment of a derivatives “clearinghouse,” through which companies using the complicated financial instruments to hedge commercial risk must exchange them; exempt private equity fund managers from having to register with the SEC; raise capital thresholds for companies needing to register with the SEC; and eliminate “burdensome” data collection requirements for publicly traded companies.
Dems who are talking are not impressed.
“It’s an ideological thing—they don’t believe in regulation,” Frank said. “I don’t think the public wants this.”
...Sen. Chuck Schumer (D-N.Y.), a Banking Committee member who is in charge of the Senate Democrats messaging machine, was a bit more blunt in his view of the GOP’s recent efforts to take down the law.
“Listen, we had a big financial crisis and we needed reform. To just repeal them, what are they putting in its place?” Schumer said.
Of course, they're not proposing putting anything in its place. They don't do policy, they only do dismantling. But, as Greg Sargent says, they're approaching this one more cautiously, and certainly more quietly, than they did health reform repeal. That's because Wall Street is still hugely unpopular and untrusted. As Greg says, "[t]his one could provide another chance to draw a very clear contrast between the parties—on turf that may be a bit more favorable to Dems than health care repeal or spending."
For that to happen, Dems—including the White House—need to make a lot of noise about it. Drawing contrasts with the GOP has never been easier. On issue after issue they're handing their fealty to corporate and big-moneyed interests to Dems on a silver platter. The narrative couldn't be easier to shape, provided real Dems shut their ears to the Third Way and Blue Dog devils on their shoulders.