July 15th, 2010
12:52 PM ET
4 years ago

Top House Republican calls for repeal of Wall Street bill

'There are common sense things that you should do to plug the holes in the regulatory system that were there,' House Minority Leader John Boehner said Thursday of the Wall Street bill.
'There are common sense things that you should do to plug the holes in the regulatory system that were there,' House Minority Leader John Boehner said Thursday of the Wall Street bill.

Washington (CNN) - Hours before expected passage Thursday afternoon of the Wall Street reform bill, the top House Republican called for the legislation to be repealed.

House Minority Leader John Boehner, R-Ohio, told reporters, "I think it ought to be repealed. There are common sense things that you should do to plug the holes in the regulatory system that were there, and to bring more transparency to financial transactions, because transparency is like sunlight. Sunlight is the best disinfectant."

Boehner, who came under fire from Democrats for comparing the bill to "killing an ant with a nuclear weapon," again slammed the bill as going too far.

"I think the financial reform bill is ill conceived, going to make credit harder for the American people to get, clearly harder for businesses to get and the fact that it's going to punish every banker in America for the sins of the few on Wall Street is unwise. On top of that I think it institutionalizes 'too big to fail' and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out."

A representative for House Speaker Nancy Pelosi immediately slammed Boehner's comments.

"This comes as no surprise coming from the Republican House leader who called the financial crisis that caused 8 million Americans to lose their jobs an 'ant,'" Pelosi spokesman Nadeam Elshami said in a statement. "Democrats will stand with the Middle Class and Main Street, while Washington Republicans, who are out of touch, will continue to stand with Wall Street."


Filed under: Financial Reform • John Boehner • Wall Street
soundoff (119 Responses)
  1. A Guy

    This just in: A republican is against regulatory oversight.

    In other news, water is still wet, the sun is still hot, and sand is still dry.

    July 15, 2010 01:14 pm at 1:14 pm |
  2. Ferret out the BS

    I suppose this actually is a huge compromise for Boehner as he believes in the absolute sanctity of corporations and their conduct on Wall Street, no matter what the outcome for millions of invested Americans. A few common sense plugs makes absolute sense to correct the loop hole that took 8 years to create and destroy the economy. If we're lucky maybe it'll happen again.

    July 15, 2010 01:14 pm at 1:14 pm |
  3. Jeff Brown in Jersey

    This guy is a bum!

    July 15, 2010 01:16 pm at 1:16 pm |
  4. GL

    Boehner, who came under fire from Democrats for comparing the bill to "killing an ant with a nuclear weapon," again slammed the bill as going too far.

    And this Corporate fools things he is going to be the new leader in the House. His is the biggest corporate lover I have every seen. He is not even ashame to continue to bat for the big corporations. He is a real JOKe!

    I guest he didn't get enough of President Obama making him look like a fool on National TV and he is hoping President Obama do it again today.

    July 15, 2010 01:17 pm at 1:17 pm |
  5. Larry

    Boehner is so obviously owned by special interests in Washington.

    Two press releases in one day, Boehner. What's the matter, is your bar closed today? Too hot to golf?

    July 15, 2010 01:17 pm at 1:17 pm |
  6. TM

    This from one of the people directly responsible for getting us into this mess IN THE FIRST PLACE?! And we should listen to him now because.....?

    July 15, 2010 01:17 pm at 1:17 pm |
  7. chill

    Of course it will make credit harder to get, we're in this mess because people took on debt they couldn't pay for. By regulating these liar loans and other gimmicks to lure people into contracts they may or may not have understood, aboslutely, some people with poor credit won't get credit. That's the way it's supossed to work. Has anything intelligent ever come out of this guy's mouth?

    July 15, 2010 01:17 pm at 1:17 pm |
  8. David in Houston

    Coming from a man who was bought & paid for by the very financial intersets he is now protecting, this should come as no surprise.

    As always...republican first, American second. For shame...

    July 15, 2010 01:18 pm at 1:18 pm |
  9. Jeff, Huntington Beach, CA

    John Boehner is a joke.

    July 15, 2010 01:19 pm at 1:19 pm |
  10. Paul B

    Boehner should just admit he's standing up for the financial industry because 1) They fund his political office; and 2) they fund his personal expense account. Boehner has no credibility, and anyone who believes anything he says is ridiculously gullible. Yes, that means you, Fox News.

    July 15, 2010 01:20 pm at 1:20 pm |
  11. GL

    I think the financial reform bill is ill conceived, going to make credit harder for the American people to get, clearly harder for businesses to get and the fact that it's going to punish every banker in America for the sins of the few on Wall Street is unwise. On top of that I think it institutionalizes 'too big to fail' and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out."

    Since you love big business so much Bonehead, why don't you call work for them and leave government to people that care about the American people.

    July 15, 2010 01:21 pm at 1:21 pm |
  12. mike

    You got to be kidding me the tan man wants the financial reform bill
    repealed this republican is absolute joke it hasn't even been put in
    to law and he wants to repeal it didn't this idiot do the same on the
    healthcare bill if the american voter let these idiots get control of the
    house and senate everything will get so watered down that it won't
    mean crap to anyone except for big business

    July 15, 2010 01:21 pm at 1:21 pm |
  13. SA in OO

    "There are common sense things that you should do to plug the holes in the regulatory system that were there, and to bring more transparency to financial transactions"

    Which is actually what the bill does. What it doesn't do is continue the unabated, largely unregulated, anything that makes money is good, attitude that has been the culture of the past.

    "Change" means you actually have to change something. Those who have staked their financial and/or political careers on the old system will always have a vested interest in slowing, stopping, or repealing any real changes to the status quo.

    And the status quo did work, at least for a while, as long as you were on the inside of the system.

    July 15, 2010 01:22 pm at 1:22 pm |
  14. Ken in Pisgah Forest

    The worst part of this is that people will still vote for him. I can't imagine what they see in this bozo.

    July 15, 2010 01:22 pm at 1:22 pm |
  15. free market capitalism does NOT = democracy

    Boehner is a hack. The huge regulatory holes he refers to are actually not holes, because there is no regulation to put holes into.

    After he and his fellow republicans threw all of America's 401k's under the bus in 1999 by repealing the glass-steagall act and allowing their free financial markets to steal from every American worker.

    If that were not bad enough, then the repubs urged American employers to hire overseas for the last 15 years and NOW they are claiming dumb and dumber in 'where are the jobs?'

    July 15, 2010 01:22 pm at 1:22 pm |
  16. SA in OO

    His talking points are as superficial as his tan and his hairdo.

    July 15, 2010 01:23 pm at 1:23 pm |
  17. Four and The Door

    "Democrats will stand with the Middle Class and Main Street, while Washington Republicans, who are out of touch, will continue to stand with Wall Street."
    _____________________________________________________
    She's just an empty bag of old rhetoric. This bill hurts Main Street worse than Wall Street. Who needs credit? Small businesses.

    ( Remember, she's the one who said the Stimulus Bill was all about, " Jobs, jobs, jobs, jobs" with a big grin. )

    July 15, 2010 01:24 pm at 1:24 pm |
  18. dodsoal

    Gee, Boehner is the last person I would ever expect to disagree with the current administration. (Yeah, right!) I really think he has inhaled way too much of his spray on tan.,

    July 15, 2010 01:26 pm at 1:26 pm |
  19. Brian K.

    I think Boehner has made an assumption about Wall Street bankers, and it is incorrect. For one thing, sunlight is not the best disinfectant. In this case, a nuke is the proper response since without any regulation at all we will have a repeat performance. And why did this happen in the first place? Because the Republicans repealed Glass-Stiegal. Maybe Mr. Boehner should shut his mouth and remember his party caused the problem.

    July 15, 2010 01:27 pm at 1:27 pm |
  20. InlandEmperor

    Here's hoping that the citizens of Ohio are as sick of this clown as the rest of the country is. His state has been hard hit by the foolish "leadership"...and policies.... of his group during the Bush "lite"...neocon...chicken hawk... debacle. Please send this person into early retirement...and strip him of his benefits the same way his constituents have lost theirs.

    July 15, 2010 01:27 pm at 1:27 pm |
  21. Rick McDaniel

    Don't think so. It isn't enough to stop the abuses, but some reform is better than none.

    July 15, 2010 01:27 pm at 1:27 pm |
  22. Fair_is-Fair

    Boner is just pissed because he has to pay taxes on his indoor tanning salon visits. But on the serious side, the new financial reform package will make little difference in whether loans will be easier or harder for the consumer. Banks will always make money....or they wouldn't be in bussiness. They always find a way. I wonder who just cut his check from Wall Street? Someone muct have for him to come out and say something that is totally F*%$%*# nonsense. We just had a near collapse of the finanical industry because of insufficient regulatory cotrols. "Listen to me when I'm talking to ya, boy! You're as sharp as a bowlin ball, I tell ya!" :-)

    July 15, 2010 01:29 pm at 1:29 pm |
  23. ja

    Boehner must be getting kickbacks, sounds like, the fellow that cried foul on BP's behalf

    July 15, 2010 01:30 pm at 1:30 pm |
  24. MsDp

    Hmmm, boner wants to repeal everything and vote for nothing. Anyone who has taken a class in Economics 1 & 2 knows that the concerns the GOP Party suddenly have for the deficit and spending is not good at this time when our country is trying to recover from a recession. The course that boner and his gop party are on will send us back into a deeper recession unless the gop help create jobs or provide something to keep monies flowing in the economy. While unemployment monies merely assist most of us with keeping a roof over our heads, some food on the table, SOME money on the bills, it does not do enough for keeping monies flowing in the economy; however it does help. When we are all sleeping on the ground, not able to eat, and have to go and get food stamps, will this make all of the gop feel better? America won't blame the Democratic Party because we all can see that the intentions of the GOP party is to hope that the American people will become very angry with the party in power and will vote them out of office. What the American people are aware of is that the GOP party constantly votes NO. The GOP should not include politics into serious events that can help those of us who are suffering. Many of us will lose the ability to contribute to providing for ourselves. Many of us will really become welfare recipients. Is this what the GOP want? If the GOP continue the vote no game, and do not contribute any real solutions, surely the GOP will cause the economy to relapse. I believe this is the intent of the GOP party. Please, repubs stop the games and help those of us who are unemployed and I wish that you and your party would assist our President and the Democratic Senators with creating jobs for all of the unemployed citizens instead of constantly fighting and always disagreeing. One more thing senator, if your party is so concerned about the deficit and the US does not have any money, are we borrowing money to pay congress salaries? Do you think all of you could contribute your salaries toward bringing down the deficit? Just think $173,000.00 x 100 senators and $173,000.00 x 453 representatives would make a significant contribution towards the deficit. You have a very non-caring way of showing empathy for Georgians and the American people.

    July 15, 2010 01:31 pm at 1:31 pm |
  25. T

    WORDS.....he dont care about the America people, only cares about his bank account........he is dirty and you know i am right. Look at him
    wants to be dark, fast talker ; like a pimp and a thug. American lets us use our common sense and vote him out ! We are not going to be your who$es.

    July 15, 2010 01:31 pm at 1:31 pm |
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