White House (Rahm) helps House dems gut post-Enron reform

[Enrique]

(...)

The provision mandates that firms obtain audits of their internal controls. Companies say it costs too much. Though these firms have received annual deferrals from this requirement since its 2004 enactment -- some think the fiercely anti-regulatory Bush administration had something to do with this -- SEC Chairman Mary Schapiro said last month that the deferrals had ended, and that the firms would be expected to comply by 2010.

(...)

At this morning's session, two committee members mentioned that the Obama administration is on board. "It's odd that I should be defending the White House," said Rep. Scott Garrett (R., N.J.), who introduced the amendment that would make permanent the small-company exemption that's due to expire next year. "The White House understands the importance of going forward" with the amendment, he added.

Rep. John Adler, a New Jersey Democrat who supports the amendment, also chimed in that the White House and Treasury Department back the repeal.

That prompted Rep. Paul Kanjorski (D., Pa.), who said a permanent exemption would be a "bad day for the American investor," to ask Adler to identify the administration folks with whom he had talked.


Read more at: http://www.huffingtonpost.com/2009/11/03/obama-administration-help_n_344042.html

Adler said he discussed the matter three times with White House Chief of Staff Rahm Emanuel.

(...)

Former SEC chairman Arthur Levitt said of the amendments:

This has enormous significance to individual investors. This is something the Republicans could never have accomplished, and what a bitter irony it is that the Democrats...are emasculating the best piece of legislation of the past 20 years.

It's the freshman members of Congress, fearful for reelection, that are pandering to interests that want to overturn this legislation. It makes a mockery of what the Democratic Party has always stood for -- individual investors.

Read more at: http://www.huffingtonpost.com/2009/11/03/obama-administration-help_n_344042.html

[Armstead]

1. Shhhhhh....Must not say anything uncomfortable

[tblue]

2. That's strange we can believe in.

How sad.

[tularetom]

3. If the dumb ass teabaggers ever figure out who is really screwing them

We could get rid of the corporate owned congresscritters that are mostly responsible for how fucked up this country is. No matter what letter they have after their nemes.

[Phx_Dem]

4. LOL. Says Huffington Post who does not have a great record for accuracy.

:puke:

[Enrique]

5. it's all on video

http://financialserv.edgeboss.net/wmedia/financialserv/markup110309.wvx