Tuesday, December 14, 2010

Incoming GOP Financial Services Chairman: Washington’s Role Is ‘To Serve The Banks’

In an interview with The Birmingham News, Bachus made it clear why he opposed stricter regulations for banks in the wake of a huge financial crisis largely caused by Wall Street excess and a lack of prudent regulation. In Bachus’ estimation, the government’s role is not to protect consumers and the wider economy through regulating financial activity, but to simply “serve the banks”:

Bachus, in an interview Wednesday night, said he brings a “main street” perspective to the committee, as opposed to Wall Street. “In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks,” he said.

According to the article, Bachus later tried to clarify that what he meant was “regulators should set the parameters in which banks operate but not micromanage them".'


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