WSJ: Frank's retirement gives (R) chance to attack Consumer Protection Bureau

[alp227]

Victoria McGrane at Wall Street Journal wrote "Exit Gives GOP an Opportunity" (google the title and click there for full article) in which she summarized Republican strategy in the wake of Rep. Barney Frank's retirement:

A GOP aide close to the Financial Services committee said, "Ranking Member Frank's departure means that there is now one less obstacle in repealing the job-killing components of the onerous Dodd-Frank regulation."

The law was a sweeping re-write of the nation's financial regulations enacted in response to the 2008 financial crisis, and aimed to make future crises less likely and less damaging to the broader economy.

One area where Republicans could find more success after Mr. Frank's departure is the new Consumer Financial Protection Agency. During the House debate on Dodd-Frank, some moderate Democrats wanted the agency to be less independent than planned under the law.

Mr. Frank fought back against their attempts to weaken the new watchdog, opposing a push by moderate Democrats to have the agency led by a commission of existing bank regulators. With Mr. Frank gone, some Democrats may be more willing to compromise with Republicans now seeking similar changes.

[MjolnirTime]

1. they can't repeal shit without a Repig in the White House.

[MADem]

2. +1. nt