Wall Street salivates at the prospect that financial reforms will be derailed by Repugs

[marmar]

Nov. 3 (Bloomberg) -- Republicans will try to rein in regulators implementing a sweeping overhaul of financial rules and press for a smaller federal role in the mortgage market as they return to a majority in the House of Representatives and a stronger minority in the Senate.

Taking control of the House and bolstering their position in the Senate will increase Republicans’ sway over the direction and independence of the Consumer Financial Protection Bureau and over any technical fixes Congress makes in rules governing the trading of derivatives. Networks projected that Republicans won the seats needed to claim a majority of the House.

Republicans say they will use the House Financial Services Committee to ensure that regulators such as the Commodity Futures Trading Commission and the new consumer protection bureau do not write rules that lawmakers consider too restrictive on the banking industry.

“We don’t want them to regulate capriciously, arbitrarily, without engaging in a cost-benefit analysis,” Representative Jeb Hensarling, a Texas Republican on the panel, said in an interview before the election. ..........(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=aWpVtddDAnjc&pos=5

[snappyturtle]

1. Reigning in regulators. Sounds repuke to me. Here we go again. nt

[Loge23]

2. I say that's a given

We'll see if the Dem Senate can stand up.

[no_hypocrisy]

3. Isn't that assuming the democratic Senate will go along with the House?

Large assumption.

[leveymg]

4. House, by itself, can't do a thing to "reign in" independent agencies, unless Senate and Obama

"compromise", "cooperate", and crumble in fear.

Will they?