You are herePolitico: GOP tries to slash Wall Street law

Politico: GOP tries to slash Wall Street law


February 18, 2011- The federal agencies charged with enforcing last year’s Wall Street reform law are starving for money, short staffed and worried about being able to implement the far-reaching crackdown on the financial industry.

And that’s exactly what top Republicans in charge of banking and Wall Street oversight want.

As top key administration officials appeared before the Senate banking committee on Thursday to plead for more money to enforce the so-called Dodd-Frank act, Republicans admitted that they were aiming to dismantle and defund the law.

“We should slow a lot of that down,” said Alabama Sen. Richard Shelby, the top Republican on the panel. “A lot of us voted against and oppose Dodd-Frank. Obviously, we’d repeal it. So I certainly don’t think we should rush to implement it.”

When asked whether taking down funding levels is a “legitimate” way to slow the process of implementation, Shelby responded: “Always.”

The stalled continuing resolution bill being debated in the House is threatening funding for the financial reform law, and agencies need more money by a July deadline if they’re going to start enforcing a wide range of new rules.

But there’s a risk for Shelby and other Republicans who want to break up the Wall Street law — financial reform didn’t rattle voters the same way the health debate did. The GOP will have a tougher case to make against Dodd-Frank while still appearing sensitive to the causes of the 2008 financial meltdown and its residual effects.

Senate Majority Whip Dick Durbin (D-Ill.) warned Thursday that failure to fund the reform law will be “a step backwards, and it is a dangerous step for the American economy.”

FULL STORY HERE: 

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