Now that Wall Street has once again succeeded at buying Congress convincing its fellow citizens that the Republicans have the solution to the problems bedeviling Obama’s America, it can get right back to writing the country’s financial regulations and shredding Dodd-Frank, right?
“The big guys are doing just fine under Dodd-Frank,” Sen. Mitch McConnell of Kentucky, who is expected to be elected Republican majority leader, said Wednesday in a news conference….
Alabama Sen. Richard Shelby is widely expected to become the new chairman of the powerful Senate Banking Committee next year….
Mr. Shelby is no friend of Wall Street. His voting record is marked by evidence of a strong populist streak, including votes against the 1999 Gramm-Leach-Bliley law that ended the Depression-era division between commercial- and investment-banking activities, and the government’s $700 billion Troubled Asset Relief Program. While he voted against Dodd-Frank, he supported an amendment that would have placed strict size limits on financial firms had it been successful.