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GOP Senator Pledges to Gut Wall Street Bill if Republicans Win Control of Congress

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This post first appeared on Balloon Juice.

They've chosen sides ...

And they are with the poor little rich boys who made the financial mess:

A Republican majority in the Senate would “revisit” the Wall Street reform bill passed earlier this year, Sen. Richard Shelby (R-Ala.) said Tuesday.Shelby, the ranking member of the Senate Banking Committee who might become chairman under a GOP majority, suggested that Republicans might strip out elements of the bill most favored by President Obama and congressional Democrats if Republicans win control of Congress.

“The bill is so sweeping and such a game-changer in many ways that it’s incumbent upon us to revisit it,” Shelby said at the Reuters Washington Summit.

Shelby had in part led the opposition to the Wall Street reform bill that finally passed Congress in July and was signed into law by President Obama. Revisiting that law, the Alabama Republican said, would start with oversight hearings and figuring out what elements need changing.

In particular, Shelby named the new Consumer Financial Protection Bureau as one of the most distasteful parts of the law. Obama named Elizabeth Warren, the former chairwoman of the board overseeing the Wall Street bailout program, to an appointed advisory position to help get that agency off the ground.

Yes, I understand the Democrats suck, and yes, there are a fair number of really bad Democrats (Ben Nelson, I’m looking at you). And maybe it has always been this way, and I have just woken up, but it sure seems like the choices between the two parties are as distinct as they have ever been. In one day, we have clear evidence that the Republicans are choosing to vote for bigotry over the rights of gays, bigotry extending opportunity to immigrants, and the big corporations over the consumer. Anyone who says there is no difference between the two parties needs their head examined and their driver’s license taken away.

If Democrats cannot make the case, maybe the economy is the only thing that matters and we should just say to hell with elections and apportion seats in congress based on the unemployment rate.

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