Hours before the Senate was poised to pass the most expansive regulatory overhaul of Wall Street since the Great Depression, the top Republican in the House already was calling for its abolition.
“I think it ought to be repealed,” said House Minority Leader John A. Boehner told reporters Thursday. “There are common-sense things that we should do to plug the holes in the regulatory system that (already) were there and to bring more transparency to financial transactions.
“It’s going to punish every banker in America for the sins of a few on Wall Street.”
The Ohio Republican said the measure will make it more difficult for Americans and businesses to get credit. He added it would institutionalize the notion that some financial institutions are “too big to fail” and would increase federal authority “to bail out virtually any company in America they decide ought to be bailed out.”
The legislation includes provisions for greater consumer protections and tighter government control of the financial industries and the largely unregulated market in derivatives.
The House already has passed its version of the measure, which has White House support.