Banks expecting easy ride with GOP Congress

[Joanne98]

Which is precisely why they showered the GOP with campaign contributions directly and through the US Chamber of Commerce. Voters will surely applaud another easy ride for the bankers, right? Turn back the clock, because it worked out so well the last time.

The coming term should bring scores of oversight hearings into the implementation of new rules governing financial institutions. There will be scuffles over control of a new consumer financial protection agency. And lawmakers will debate how to restructure the quasi-governmental mortgage agencies Fannie Mae and Freddie Mac — which retain a major role in the current housing crisis.

All are issues that Bank of America, Wells Fargo and large other banking institutions will pay close attention to.

"We had been disappointed with a number of legislative outcomes with the past Congress, and so we look forward to better outcomes with this Congress," said Peter Garuccio, a spokesman for the American Bankers Association in Washington.

Garuccio said banks expect a corrections bill to peel back some of the financial regulations passed into law this year. Among them would be a repeal of the so-called Durbin Amendment, which cut debit-card fees for retailers. Banks say it cost them billions.

http://www.americablog.com/2010/11/banks-expecting-easy-ride-with-gop.html