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passage Thursday afternoon of the Wall Street reform bill, the top House Republican called for the legislation to be repealed.

House Minority Leader John Boehner, R-Ohio, told reporters, "I think it ought to be repealed.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. John in Cal

    Once again the Republicans show that they are only for corporations and not for Americans. they are for bailing out , taxing down, and giving all kinds of freebies to them. These are the same corporations that have cheated us for years. they have no loyalty to us, they just want our money and sweat. Frag them and the Republican party, don't vote for a party of traitors like the Rebuplican party. Liers to the core.

    July 15, 2010 01:32 pm at 1:32 pm |
  2. lolo

    Please shut up already. You just keep going back and forth. You are a big fat liar. Your pockets must feel light already.

    July 15, 2010 01:32 pm at 1:32 pm |
  3. StrategicBob

    I am still waiting for Orange John to say the first thing that makes sense or bears any resemblance to truth, so this comment from him is not at all surprising.

    July 15, 2010 01:32 pm at 1:32 pm |
  4. Poser

    Repeal the bill? Really? Isn't that exactly the same thing you said about health care reform? The GOP also had the "slow down, start over" talking point for both health care reform and financial reform. The GOP is not only out of ideas for solutions that will actually work, they're out of ideas for their whining. No matter the issue: will kill jobs, socialism, must cut taxes, etc. It's truly pathetic.

    July 15, 2010 01:33 pm at 1:33 pm |
  5. tim622

    Dems/Libs were too stupid to make Boehner's analogy in the first place. Yes, the financial crisis is pretty big, but we're spending way, way way too much on it. With all the money we're spending (wasting ) on this stimulus, healthcare, the money we've lost in the financial crisis is near to nothing!

    And the spokesperson said that Republicans stood with Wall Street? I'm pretty sure it was Obama and his administration that bailed out the auto-dealers and Bank of America.

    July 15, 2010 01:34 pm at 1:34 pm |
  6. Ruthy

    "Sunlight is the best disinfectant," Boehner said. Cliches to try and cover for his Wall Street cronies is typical of Boehner and his Republican allies. The financial robber barons run loose and nearly cause Great Depression II and that's all he can come up with. Pathetic!

    July 15, 2010 01:34 pm at 1:34 pm |
  7. American Patriot - a "real" tea partier

    It's past time for Boehner to retire.

    July 15, 2010 01:34 pm at 1:34 pm |
  8. Liz in DC

    I'm disappointed with many Americans. Many of those at the bottom choose to side with their oppressors, the Republican Party, based on fear and hatred that people like John Boehner have stoked against Americans who are "not like them" and against the government in all instances of governmental activity (except for the military, which is a sacred cow). We need better education so that people will know when they are being duped by Republicans.

    July 15, 2010 01:35 pm at 1:35 pm |
  9. The Smart One

    Zip it, John "orange face" Boner. No one listens to you.

    July 15, 2010 01:35 pm at 1:35 pm |
  10. Sick of Bonehead

    This guy is such an idiot how does he even tie his own shoes? Why anyone would have voted for this moron is a mystery....

    July 15, 2010 01:36 pm at 1:36 pm |
  11. Dominican mama 4 Obama

    Did we really expect anything different from Orange-Glo?

    I mean really. In the current political soap opera everyone knows their role. The GObP obstructs, brings nothing to the table, and denigrates and demeans ANY AND ALL EFFORTS to improve the country. The Democrats spend half their time trying to locate their chutzpah, and the other half placating the Obstructionists, to no avail of course.

    Their behaviour is so predictable that tuning in everyday is not necessary.

    Personally I think that Orange-Glo's penchant for tanning has fried his brains. But that's just one viewers' opinion.

    July 15, 2010 01:36 pm at 1:36 pm |
  12. rs

    Further proof Republicans don't care about Americans- just corporations.

    July 15, 2010 01:37 pm at 1:37 pm |
  13. Future expat

    Top House Republican calls for repeal of all things Obama not because of any substantive reasons, but for shameless political gain.

    July 15, 2010 01:40 pm at 1:40 pm |
  14. Fair is Fair

    Thank you, Mr. Speaker-To-Be Boehner.

    July 15, 2010 01:42 pm at 1:42 pm |
  15. NC

    No suprise here from Boehner. It might help if some people can't get easy credit, that's what caused this mess in the first place. People getting houses worth hundreds of thousands of dollars making minimum wage, unable to make the payments and walking away.

    July 15, 2010 01:46 pm at 1:46 pm |
  16. chad

    i thought the republicans would have an easy walk into control of the house and senate. now i think that their big stupid mouths are going to get them into trouble. standing up for bankers and bp is not a good way to win votes.

    July 15, 2010 01:49 pm at 1:49 pm |
  17. Anonymous

    This says it all.
    There is not even a bill passed. There is no bill signed but Boehner wants it repealed.
    Thern Repulbicans wonder why they're called the party of no.
    They are even saying NO to nothing!

    July 15, 2010 01:51 pm at 1:51 pm |
  18. Ron

    Of course there will be a bunch of you "uninformed" who will blame George Bush and call us the party of "NO" (actually, we are the Party of "KNOW" but that is for another discussion) but do you ACTUALLY know what is in this reform bill? Your leaders (Obama/Pelosi/Reid/etc.) keep telling you this will "help" but you have no idea what is in it. Just like the Health Care bill you all supported and we tried to warn you yelling and screaming that we don't know what's in it and NOW we are finding out the EVERYONES costs are going up an estimated 25%. Funny how Obama is now saying they were not informed and didn't know. Yea right.... Same problem with this financial reform bill.

    Do you know that this bill will allow the federal government to MANDATE salaries for ANY public company? Do you realize how dangerous this is to have the federal government control all aspects of a public company? Do you not realize that you are supporting MORE government takeover? Is there ANY country that has gotten stronger economically but giving the government MORE control? I'll help you with that answer – NO!!

    You are incredibly naive and your leaders are playing you for fools. The Obama administration knows it, the Republicans know it, but the only ones that DON'T know it yet are you unintelligent lazy people who want to government just to give you more "stuff". We tried to warn you but in just a few years we won't be able to turn this mess around and you will be whining and complaining that there are no jobs and the government cannot afford your health care or your welfare checks. We tried to warn you.............

    July 15, 2010 01:52 pm at 1:52 pm |
  19. RN

    He does not have any solution other than "repeal the bill". We heard it with health care and now with financial reform. Maybe the problem is that Boehner does not understand that there is a problem. So, there is no need for a solution.
    Maybe he needs to find another job.

    July 15, 2010 01:55 pm at 1:55 pm |
  20. Elizabeth White

    If you think it 's hard now to get a mortgage loan, just wait. John Boehner is right. This is terrible legislation, with far-reaching, albeit unintended consequences for the consumer and for business in general. This will certainly stall our financial recovery. I am sick about it.

    July 15, 2010 01:57 pm at 1:57 pm |
  21. Otto

    Yeah bonehead...bonehead...lets repeal healthcare, Wall Street bill and while at it; repeal the foolish Iraqi policy that got us there in the first place.
    Since you are hard up to repeal everything that does not include war spending and death of thousands of American GI's; repeal you red face too and do something about that hair.

    I have another solution for you as well, since Wall Street did no wrong and trickle down economics has proven wrong all these years; you should ask your parents to repeal you as well. Silly neocon with NO solutions but utter nonsense!

    July 15, 2010 01:57 pm at 1:57 pm |
  22. Ken in NC

    Boehner had better be careful and not anger Democrats least they double his "Tan Tax" or maybe tax his Cuban cigars that he is not supposed to have in the USA.

    July 15, 2010 01:58 pm at 1:58 pm |
  23. Republicans is smart in the head area

    Unbelievable. Defend BP, defend Wall Street Raiders, defend Tea Party racists. What other deplorable garbage will the Republicans defend next?

    July 15, 2010 01:59 pm at 1:59 pm |
  24. Bob(Illinois)

    Do the country a great favor and retire. I have yet to hear you say anything except "no" and "repeal".

    My earnest hope is that you will be voted out of office in November. You had a close call 2 years ago so maybe this will be our luck day.

    July 15, 2010 01:59 pm at 1:59 pm |
  25. If We Can Defeat Him On Health Care It Will Be His Waterloo

    And opposing Wall Street reform will be the G.O.BP.'s

    July 15, 2010 01:59 pm at 1:59 pm |
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