Still Looking Out For Wall Street, Leading Republicans Are Already Calling To Repeal Financial Reform

Earlier this week, the Senate voted 60–39 to pass Congress’s financial regulatory reform bill, setting the stage for President Obama to sign it into law next week. The bill installs new safeguards and protections for consumers in their interactions with financial institutions and is a response to the economic crisis started in 2008 largely due to bad behavior by the world’s most powerful financial institutions.

Yet, just as they did for the health care bill earlier in the year, leading Republicans have already started calling for a repeal of the bill, this time before it has even been signed into law:

— Even before the bill passed the Senate, House Minority Leader John Boehner (R-OH) told reporters on the day of the vote, “I think it ought to be repealed.” [7/15/10]

— “If we were in a position to do something, maybe [Boehner] is right,” said GOP Policy Chairman Sen. John Thune (ND), endorsing Boehner’s call for repeal. [7/15/10]

— Sen. Saxby Chambliss (R-AL) said he’d “love for it to be repealed.” [7/16/10]

— Sen. Richard Shelby (R-AL), the ranking Republican on the Senate Banking Committee, told Good Morning America that he and other Republicans would “like to repeal it.” [7/16/10]

However, some Republicans have been hesitant to endorse a full repeal of the bill. When pressed by ThinkProgress, Rep. Roy Blunt (R-MO) refused to endorse Boehner’s call for repealing the legislation. Sen. George LeMieux (R-FL) told the Hill that “some parts” of the bill “are good,” and that he would only endorse repealing parts of it.


“Now, already, the Republican leader in the House has called for repeal of this reform,” said President Obama in his weekly address, responding to Boehner’s comments. “I would suggest that America cannot afford to go backwards, and I think that is how most Americans feel as well. We cannot afford another financial crisis, just as we are digging out from the last one.”