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

[sasha031]

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/?p=134703

[msongs]

1. lol well the current administration must make this guy realllllly happy then nt

[Historic NY]

2. Asshat thats what got us into the mess...Justice files suit on Deutsche Bank.

[Historic NY]

3. Asshat thats what got us into the mess...Justice files suit on Deutsche Bank.

[Angry Dragon]

4. He has no idea what main street is

He should be thrown in jail for fiscal malfeasance or something
Too bad stupid is not a crime.............

[Newest Reality]

5. You can say that out-loud

and with a straight face these days. No need to couch your words or even hide the truth.

One can only hope that this is the hubris before the collapse.

[chill_wind]

6. He'll fit right in. n/t

[phasma ex machina]

7. An honest politician. How weird is that? nt

[MadHound]

8. He is being refreshingly honest,

Now if only Geithner would be the same.