GOP is prepared to fight financial overhaul

By Perry Bacon Jr.
Washington Post Staff Writer
Thursday, July 15, 2010; 4:15 PM

The Republicans are ready to repeal the financial regulation bill, too.

As with the health-care legislation, which GOP lawmakers said they would try to repeal even before President Obama signed it into law, House Republican leader John A. Boehner (Ohio) announced Thursday that his party would seek to dump the financial regulatory bill the Senate had just passed. Only six Republicans in Congress -- three in the House and three in the Senate -- supported the legislation.

"I think that it institutionalizes 'too big to fail,' and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out," he said at a news conference. "I think it ought to be repealed. There are common-sense things that we should do to plug the holes in the regulatory system that were there and to bring more transparency to financial transactions, because transparency is like sunlight, and sunlight is the best disinfectant."

Democrats quickly condemned the move.

"Not surprisingly, Republicans have already announced that they want to repeal this legislation, putting big banks back in control and taking us back to the failed policies that made this reform necessary in the first place," House Majority Leader Steny Hoyer (D-Md.) said. "That's the last thing America needs as we move forward in building a strong middle class again."

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