Blog

GOP Leader John Boehner Speaks for Wall Street – Wants Repeal of Reform

The day before the House Republican Leader is scheduled to host a meeting with a bevy of special interest lobbyists, John Boehner went on the record today calling for the repeal of tough Wall Street Reform legislation that puts consumers first, holds Wall Street and Big Banks accountable, ends the era of taxpayer-funded bailouts and “too-big-too-fail.” In answering a question from TPMDC, Leader Boehner explained:

I think it ought to be repealed.

This misguided thinking comes on the heels of Leader Boehner saying Wall Street reform is an “overreaction” and likening the Bush/Republican financial crisis that resulted in 8 million lost jobs and homes and retirement savings for millions decimated to “an ant”:

This is killing an ant with a nuclear weapon.

This is par for the course–House Republicans met in December with 100 banking and special interest lobbyists in an effort to kill Wall Street reform legislation and the catchphrases House and Senate Republicans used to try to defeat reform were supplied by a consultant with Wall Street clients.

The American people, however, overwhelmingly support the reform legislation Leader Boehner wants to repeal:

By a 46-point margin, Americans favor the Wall Street reform bill that will crack down on abuses by Wall Street and Big Banks — 73 percent to 27 percent.

As President Obama said:

Already, the Republican leader in the House has called for repeal of this reform. I would suggest that America can't afford to go backward and I think that's how most Americans feel as well.

This entry was posted in Consumer Protections, Economic News, Financial Reform, Oversight, Retirement Security. Bookmark the permalink.