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House GOP Members Seek To Dilute Financial Overhaul Law

July 8, 2011 by  

Republicans in Congress are going after the financial overhaul bill.House Republicans have been working to water down President Barack Obama’s financial overhaul law through various bills.

According to The Associated Press, bills have been approved by committees headed by members of the GOP that would lessen the regulations regarding corporate salary reporting and would exempt certain investment advisers from registering with the Securities and Exchange Commission. In addition, another committee approved a bill that would cut $200 million from the $1.4 billion SEC budget requested by Obama.

Representative Jeb Hensarling (R-Texas), vice chairman of the House Financial Services Committee, called the financial overhaul law “a job creator’s nightmare.”

The law harms “the formation of capital, the cost of capital and access to capital, and you can’t have capitalism without capital,” the Congressman, who has been in the House since 2003, told the news source. “So Republicans in the House will be examining each and every one of the 2,000-plus pages” of the legislation, he told the news provider.

Democrats reportedly feel that they will be able to block any major changes to the law because they hold the Senate.

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