Adhering to the principle that less government is better, the GOP and some conservatives have reacted to the financial regulation bill proposal—the former by asking that the process be slowed down, and the latter by labeling it “the next government takeover.”
Last week, Senate Banking Committee chairman Christopher Dodd (D-Conn.) presented the proposed legislation that would give the government new powers to break up firms that threaten the economy, and create a Financial Stability Oversight Council that could place large financial institutions under the supervision of the Federal Reserve.
However, Republicans on the banking committee said that while they remain open to a bipartisan agreement on overhauling financial regulation, they are against trying to push the bill through too quickly, according to The Washington Post.
“Given the sheer magnitude and complexity of the financial reform package, this legislation will inevitably have a substantial impact on our financial system and overall economy,” 10 members of the committee wrote in a letter to Dodd. “Accordingly, we urge you to allow for sufficient time to review the language.”
Some commentators went even further, saying the bill would “create a vast new bureaucracy” that would have unlimited powers to control the financial industry and stymie economic innovation and growth, according to Human Events, a conservative news website.
“[It] would exert unprecedented government controls over virtually every segment of the nation’s financial system,” commentator Donald Lambro wrote on the website.