GOP Tries to Weaken Financial Reform

Opposition to financial reform on the Hill is in full swing: Politico reports that Republicans are focusing this week on weakening the bill’s consumer protections, while The New York Times says the nation’s five largest banks have hired more than 130 lobbyists to fight the provision that bans banks from trading derivatives. Republicans are focused on language in the bill that exempts businesses that don’t sell “significant” consumer financial products or services from being regulated by the new agency. Republicans contend the word “significant” is not defined and thus could apply to small businesses.