WASHINGTON, Dec. 24 (UPI) -- Republicans in Congress says they will revisit financial reform legislation passed this year under Democratic control of the U.S. House of Representatives.
In an interview with The Washington Post, Rep. Spencer Bachus, R-Ala. -- who will chair the House Financial Services Committee -- said the new GOP majority will examine the Dodd-Frank Wall Street Reform and Consumer Protection Act "provision by provision" and consider changes in the sweeping financial reform law named for its two primary sponsors, Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass.
Republican members of the House argued against provisions of the bill including establishment of the Consumer Financial Protection Bureau, stricter oversight of the derivatives market and new government authority to take over large, distressed financial firms., the Post reported Friday.
Frank told the Post Republicans will not be able to make changes in the legislation -- largely because "the things they most dislike legislatively are some of the most popular things we've done."
Rep. Mel Watt, D-N.C., noted that even if the Republican controlled House passes legislation, "whatever they send to the Senate is not going anywhere."
