Vice President Joe Biden said yesterday during a speech that a Romney administration would “let the big banks once again write their own rules, unchain Wall Street.” “He is going to put y’all back in chains,” Biden added.
During an interview on CBS Wednesday, Romney was asked for his reaction to the comment. Romney responded by claiming that Biden’s charge is “factually inaccurate” because “nobody is talking about deregulating Wall Street”:
ROMNEY: Of course, we have to have regulation on Wall Street and on every street to make sure that our economy works well, so it’s factually inaccurate to begin with. [...] The comments of the Vice President, as I heard them, were one more example of a divisive effort to keep from talking about the real issues. Look, no one is talking about deregulating Wall Street.
But Romney, on many occasions, has called for the repeal of the 2010 Dodd-Frank financial reform law, the first significant reform of the nation’s financial system since the Great Depression. In it’s place, all Romney’s economic plan calls for is a “streamlined regulatory framework.” The only specific aspects that Romney says he would implement are already in Dodd-Frank, which Romney admits in his plan.
Meanwhile, the House Republican budget written by Romney’s running mate, Rep. Paul Ryan (R-WI), dismantles key parts of the Dodd-Frank law. The GOP budget would render the government once again incapable of dismantling a failing financial firm, forcing it to resort to the same bailouts employed in 2008. Until Romney provides an alternative, his plan is nothing but deregulation of the sort that led to the 2008 financial crisis in the first place.