November 5th, 2010
08:29 AM ET
3 years ago

Key GOP rep warns of banking 'mass exodus'

New York (CNNMoney.com) - The congressman likely to supplant Rep. Barney Frank as chairman of the House Financial Services Committee is asking regulators to carefully consider the implications of a new rule designed to limit risky trading.

Rep. Spencer Bachus, a Republican from Alabama, warns in a letter sent to Treasury Secretary Tim Geithner and the Financial Stability Oversight Council that an overly-strict implementation of the Volcker Rule will spark a "mass exodus" of clients from U.S. banks to their competitors abroad.
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Filed under: 2010 • Economy • issues • Spencer Bachus
soundoff (8 Responses)
  1. Chineka

    See I knew it the republican is messing up already they tryin to send us back into what cause the wall street melt down, but I'm afraid this time it is going even harder fix this

    November 5, 2010 08:51 am at 8:51 am |
  2. Rick McDaniel

    There are ways to prevent that. Use them.

    November 5, 2010 09:44 am at 9:44 am |
  3. King

    These repugs are trying to deregulate the financial system that's a recipe for disaster.

    November 5, 2010 10:07 am at 10:07 am |
  4. Todd

    The Republican scare tactics have begun.

    November 5, 2010 10:09 am at 10:09 am |
  5. Mollybee

    Here we go. The banks will be holding us hostage...again.

    November 5, 2010 10:12 am at 10:12 am |
  6. PalmReader

    Well, TeaPers, here is YOUR vote in action less than 48 hours after the election: Less restrictions for our poor overly burdened bankers. Guess they will be having a very merry Holiday season after all - got their millions in pay bonuses, and a bit of a pay bumb going into 2011 as well if the Volker bill is watered down anymore than it has already been.

    November 5, 2010 10:16 am at 10:16 am |
  7. Cosmo

    Here we go – the old GOP 2 step again, incresase defense spending, no regulation of the banks that effectively raped the aAmerican taxpayor and contiued tax cuts for the wealthy. And I thought that the GOP was going to perform the miracle of reducing the deficit and increasing employment in the next eighteen months. America, you should be ashamed to have fallen for this tripe once again and now you will get what you deserve.

    November 5, 2010 10:18 am at 10:18 am |
  8. Chris

    Let me get this straight – the rules we put in place to help stop the another financial collapse should be removed? And all the banks that were receipient of massive billion dollar bailouts on the tax payer dollar will just leave?

    Thanks GOP.

    November 5, 2010 10:27 am at 10:27 am |