Banks expect more sympathy from GOP-controlled House

[Joanne98]

Nov. 15-- WASHINGTON -- Big banks opposed much of the Democratic agenda these past two years in Congress, and they could find a lot to like in a Republican-controlled House of Representatives.

Already, the GOP has a lengthy, bank-friendly to-do list.

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.

"That's a huge issue," Garuccio said.

http://www.istockanalyst.com/article/viewiStockNews/articleid/4669532

[derby378]

1. Well, duh...

...except that the House under Democratic control pretty much did whatever the banks told them to, anyway.

[DJ13]

3. The banks werent happy getting 80% of everything they wanted

They're aiming for 100%.

[LonePirate]

6. Yeah, the banks and similar thieves received too much sympathy from the Democratic House majorities

[tridim]

2. Oh and teabaggers, you can kindly fuck off now.

This is all stuff you claimed to be against.

[Turbineguy]

4. Teabaggers are dupes.

Useful Idiots. Fellow Travelers.

[soryang]

5. Sympathy for the devil?

Their profits and bonuses were through the roof but that isn't good enough. The White House was staffed with bankers. Their lobbyists wrote finreg.