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Posted on 01/03/2011 10:49:07 AM PST by Libloather
Republicans may starve financial reform of cash
By Dave Clarke and Roberta Rampton
WASHINGTON | Mon Jan 3, 2011 11:44am EST
WASHINGTON (Reuters) - Republicans in the new Congress could put the budget squeeze on two powerful regulatory agencies to slow President Barack Obama's crackdown on Wall Street.
A Democratic-controlled Congress pushed through the Dodd-Frank bank reform laws last year and regulators were counting on a big budget boost to police the $600 trillion over-the-counter derivatives market -- blamed for much of the excess behind the 2007-2009 financial crisis.
But the last Congress failed to deliver on the funding, and that will be even harder to obtain with Republicans vowing to cut spending as they take control of the House of Representatives and boost their rolls in the Senate.
Republican say they want to review the expansion plans of regulators. "Once you turn the money loose, it's a little harder to stop that train," said Representative Randy Neugebauer of Texas, who will head the House Financial Services oversight subcommittee.
Before lawmakers agree to dole out funds for the Securities and Exchange Commission and the Commodity Futures Trading Commission, Republicans want more time to study whether the spending is warranted, Neugebauer told Reuters.
(Excerpt) Read more at reuters.com ...
Get hands around the throats of these Monsters and do not let go until they expire. They will kick and squirm but do not let the pressure up.
Well said!
Crackdown on Wall Street my eye. You know without reading it that it is designed to help their friends and contributors while screwing everyone else. Because that’s what they’ve both been doing for decades.
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