Representative Spencer Bachus of Alabama, the next chairman of the House Financial Services Committee told The Birmingham News that "Washington and the regulators are there to serve the banks."
Representative Kevin McCarthy of California, the next majority whip, said Dodd-Frank would do little for economic recovery and warned against rules that could curtail growth. He and Representative Frank Lucas of Oklahoma, who will lead the agriculture committee, which shares jurisdiction over derivatives, have urged regulators to avoid "overly prescriptive" rules on derivatives speculation.
Americans' concern about financial reform is that it is too weak, not too strong. They are furious at the banks, whose recklessness has led to crisis and recession — and high unemployment. The Republicans response--don't worry, we know what's better.