Posted on 11/04/2009 4:25:24 PM PST by Born Conservative
A powerful subcommittee chairman working on financial regulations didn't appreciate Rahm Emanuel's role in trying to change his bill — and he pointedly reminded members of his panel that President Barack Obama's chief of staff isn't in the House anymore.
Rep. Paul Kanjorski sounded annoyed when freshman New Jersey Democrat John Adler invoked Emanuel's name while pushing a controversial amendment to Kanjorski's investor protection bill.
“What seat does he occupy here?” Kanjorski demanded about freshman Rep. John Adler (D-N.J.), pointing around the half-empty Financial Services Committee room.
Kanjorski is chairman of the capital markets subcommittee, and he didn't like the idea that the president's chief of staff was a guiding hand on an amendment Kanjorski didn't like.
“I’m just letting you know that other people … support this position,” Adler replied. He said he met with Emanuel three times to discuss the amendment.
Chairman Barney Frank (D-Mass.) gave reporters the back story later in the day. Adler had been pushing an amendment to exempt small and midsized companies from what’s known as Section 404 reporting requirements of Sarbanes-Oxley. Section 404 is the business community’s most-hated provision of that law.
Frank informed the administration about the problematic amendment. He didn’t ask Emanuel to intervene, but “Rahm said, ‘Well maybe I can talk to him,’” Frank recalled.
(Excerpt) Read more at politico.com ...
Paul Kanjorski 2010 Election Cycle
Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
Federal Dollars are “free money”
Kanjorski: $2 Trillion really isn’t a lot of money
Representative Kanjorski Lies About The Surge
Kanjorski doesn’t apologize to anyone
Kanjorski Sneaks Through Backdoor at Rangel Fundraiser
Paul Kanjorski on Universal Health Care
Rep. Kanjorski on Congressional Pay Raises
Translation, someone on wall street has paid for this and once I sell I stay sold. And have been reminded of same four times by the bag man Emanuel.
Why has there never been an investigation into the massive withdrawal in money market funds?
Rahm on da job! Rahm on da job! The knucklebusting THUG is in da house!
Hopefully, many experienced insiders will tire of this thug Emanuel.
You are all misreading this story. For once, Emanuel is doing something worthwhile, not for Wall Street, but for small business. Section 404 has a very expensive auditing requirement that is easy for large companies to deal with but unreasonably costly for smaller businesses to comply with and could shut them down. Emanuel has been trying to get 0 to exempt small business from this requirement.
Correction: Emanuel has been trying to get Adler to exempt small business from this requirement.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.