The Republicans have opened another front in their neverending war against regulations, those tools that help government protect us from greedy corporations. Leading the charge once again is Sen. Richard Shelby, the willing servant of Wall Street who weakened the regulations in Dodd/Frank during negotiations with Sen. Dodd ... and then refused to vote for it anyway.
After that little bit of procedural treachery, Sen. Shelby attacked the Consumer Financial Protection Bureau (Protect consumers? How dare they?) with outright falsehoods about the extent of that organization's power.
Now Shelby's fighting urgently-needed regulations by proposing something called the "Financial Regulatory Responsibility Act." It would, according to the Senator, "determine the economic impacts of proposed rulemakings, including their effects on growth and net job creation."
Sen. Shelby added: "My colleagues and I are simply proposing that each financial regulator determine whether the economic cost of a new regulation exceeds its economic benefit. If it does, then the regulation should not be implemented."
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