Incoming GOP Financial Services Chairman: Washington’s Role Is ‘To Serve The Banks’

[Joanne98]

During the financial reform debate, Rep. Spencer Bachus (R-AL) — who will become chairman of the House Financial Services Committee in the 112th Congress — continually criticized the reform effort. He falsely characterized the legislation that ultimately became the Dodd-Frank financial reform law as creating “permanent bailout authority,” and he staunchly opposed the creation of the new Consumer Financial Protection Bureau.

Now that he’ll be taking the Financial Services committee gavel, Bachus has telegraphed his intention to weaken some of the bill’s most important sections, including derivatives reform and rules meant to prevent banks from making risky trades with federally insured dollars.

In an interview with The Birmingham News, Bachus made it clear why he opposed stricter regulations for banks in the wake of a huge financial crisis largely caused by Wall Street excess and a lack of prudent regulation. In Bachus’ estimation, the government’s role is not to protect consumers and the wider economy through regulating financial activity, but to simply “serve the banks”:

Bachus, in an interview Wednesday night, said he brings a “main street” perspective to the committee, as opposed to Wall Street. “In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks,” he said.

http://thinkprogress.org/2010/12/13/bachus-serves-bank/

[RUMMYisFROSTED]

1. That comports with reality.

[Cant trust em]

2. If the banks need a fresh beer, we get them a fresh beer.

If they tell me to stop fanning that damn ostrich feather so fast, I'll slow it down.

They really are such nice overlords once you get to know them.

[Turbineguy]

3. The banks are there

to fuck us and the GOP is there to help them.

[tblue37]

4. A competent Dem Party would use such soundbites as this one and

Boehner's staement about refusing to ever compromise in innumerable ads to make sure that voters know what the Republicans are really about. But for some reason they always let the Republicans do all the message framing.

Yes, I know the Republcians own most of the media, but the Dems usually don't even seem to try. Even when they make campaign ads, they leave out all the good stuff like this.

[rfranklin]

6. Remember the apology to BP?

That and other moments of truth from the GOP should be gathered into a commercial and played in every Republican district again and again.

[sinkingfeeling]

5. Someone should have asked him where in the Constitution it says that.

[glinda]

7. This is all I have to say

[nadinbrzezinski]

8. January for BOA

And that will do more damage too

[glinda]

9. I know that. Can you expound upon your comment though?

[nadinbrzezinski]

10. The diplomatic cables had a collective reaction of MEH

world wide, because this is the same crap different decade for insert country here.

But banks do not declass materials...

[indepat]

11. Washington and the regulators (sans the FDIC) being there to serve the banks would seem

the genesis of the great financial near-meltdown requiring trillions of dollars flowing from the Treasury and FRB to keep the entire financial structure from imploding in an accommodative atmosphere of de-regulation and laizze-faire governance. So Congressman Bachus wants to stay the course that brought about a certain financial collapse in the absence of massive governmental infusion? Wonder what planet the fine Congressman lives on? :P