GOP trying to sabotage Financial Reform

Well maybe not sabotage it but slow it down. Just as they are trying to slow down health reform.

From Roll Call:

GOP Reps. Ed Royce (Calif.) and Jeb Hensarling (Texas) plan to offer a barrage of amendments and rhetorical broadsides as the Financial Services Committee on Thursday begins marking up a bill to overhaul the rules governing the financial sector and create a powerful new regulator, the Consumer Financial Protection Agency.

They stand little chance of defeating the legislation in committee — Democrats hold a double-digit advantage in seats on the Financial Services panel. But the conservative lawmakers will try to scale back the bill’s reach and use the markup as a forum for making their case for free markets and limited government oversight.

snip

But Hensarling and Royce, who came to Congress a decade apart and represent different regions, share a common philosophy on limiting the role of government that will underlie GOP opposition to the bill.

Hensarling, a protégé of former Sen. Phil Gramm (R-Texas), is among the the most outspoken conservatives in the House.

He frequently offers amendments on the House floor to cut federal spending and scale back federal programs. As a former leader of the Republican Study Committee, Hensarling, whose districts includes parts of Dallas and its suburbs, managed the failed bid of Rep. Mike Pence (R-Ind.) to oust Minority Leader John Boehner (R-Ohio) in 2007.

snip

Hensarling said: “The left seems to believe that if only we will empower some sort of ruling, enlightened elite, that only then can consumers hope for fairness and justice. We believe that the best form of consumer protection comes from competitive markets — competitive markets that are vigorously policed for abuse and fraud.”

Hensarling’s views often provoke eye rolls from Democrats. But his relentless ideology has earned him the top Republican spot on the Financial Service Subcommittee on Financial Institutions and Consumer Credit. He’s also popular with the wealthy financial services industry, which could be a key source of campaign funds if he ever opts to run for the Senate, as some expect.

The big give away is that Hensarling is a protege of Phil Gramm. The person we have to thank for no oversight in the Financials and the collapse of our economy. And competition did so well with Consumer Protection, didn't it!

Wake up people!