Spencer Bachus (R-AL), the incoming head of the financial services committee, wants to dismantle Wall Street reform and cut government spending under the stimulus package, as well as government payments to Fannie Mae and Freddie Mac. Business Week also reports that Bachus wants to investigate the ways that AIG’s bailout may have helped business interests abroad more than anyone in the US.
But if anyone’s hoping for a fresh face to sweep in and get tough on Wall Street, Bachus isn’t the ticket. According to Mother Jones, cast an eye into his finances and you’ll see he’s been in bed with Big Finance for some time now.
We can also expect hearings about financial regulation and Obama’s past stimulus programs from Darrell Issa and his subcommittee chairs.
But, as the Washington Post points out, even if there’s a Republican push to roll back existing financial reforms and consumer protections, Democrats can still oppose it, and Obama can use his veto power.
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