Romney: GOP has 'misspoken' on regulation
July 26th, 2012
05:50 PM ET
2 years ago

Romney: GOP has 'misspoken' on regulation

(CNN) – Speaking on foreign turf, Mitt Romney offered some criticism of his own party on Thursday, saying the GOP sometimes uses the wrong phrasing when it comes to regulation reform.

"We have in our party, I think, on occasion misspoken by just saying we're for deregulation–to some that means we want to get rid of all regulation. That's not true," Romney said at a fundraiser in London, according to pool reports.

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His comments came while the Republican presidential nominee is in the United Kingdom this week to attend Friday's opening ceremony at the Olympic Games. It marks the first leg of a three-country trip that also takes him to Israel and Poland.

Answering a question about the banking system, Romney described regulation as "essential to the functioning of markets."

"Of course you have to have laws and regulations to make free markets able to produce and to be effective," he added. "But you have to make the regulations modern and up to date."

He then reiterated his opposition to the so-called Dodd-Frank bill, also known as the financial reform bill signed into law by President Barack Obama in 2010. The bill was designed to reign in risky practices and prevent another Wall Street meltdown similar to the one that occurred in 2008.

The regulations, however, have been slowly implanted. Two years after the bill's passage, only a third of the reforms are in effect.

Critics, however, have railed against the legislation for being too heavy with regulation and argue the new law is crippling for small banks.

"Dealing with all the new regulatory burden has caused a lot of community banks to pull back. At the very time we'd like them to step forward and provide financing to small business," Romney said. "I'd like to get rid of Dodd-Frank and go back and look at regulation piece by piece."

He emphasized a need for "greater transparency in the trading of derivatives" and "capital requirements for banking institutions so that people don't go out and leverage themselves to the point where any small hiccup could cause the entire institution to fail."

While President Barack Obama saw significant support from Wall Street donors in 2008 compared to his then opponent Sen. John McCain, recent election filings show Romney dwarfs the president in fund-raising from the financial sector this cycle.

As of July 21, Romney has taken in nearly $10.5 million in contributions from securities and investment firms, while Obama has raised $3.8 million from the same sector, according to the Center for Responsive Politics.

Romney's London fund-raiser on Thursday occurred at the Mandarin Oriental Hotel, with more than 250 in attendance and tickets priced at $2,500 and $25,000.


Filed under: 2012 • Mitt Romney • Wall Street
soundoff (43 Responses)
  1. MTATL67

    This has got to be one of the worst trips for a candidate...Oh by the way the number of attendees of 250 is sinking like a stone after his disastrous comments.

    July 26, 2012 06:02 pm at 6:02 pm |
  2. CanadaONE

    Canada has firm banking laws – very strict !

    That is why our banks and economy is one of the strongest in the world.

    Plus people like Romney cannot use Canada as a tax haven – as he would be taxed under our laws

    In Canada rich people do not run from their responsibilities they pay and appreciate the country they live in !

    - after he is president Romney's plan is to go live in the Cayman Islands – actually a nice place and they just started a Mormon church there...can Romeny run for president on the Cayman?

    love

    Canada

    July 26, 2012 06:11 pm at 6:11 pm |
  3. DRAKE MALLARD

    Romney has taken every possible position, on every possible issue, at every possible opportunity.

    He has no soul: It will be really screwed up if this works, and would not bode well for our Union.

    TO ROMNEY The "Soviet Union" no longer exists.

    July 26, 2012 06:12 pm at 6:12 pm |
  4. eazy

    GOP GOP GOP, this is the best you can offer in a trying time like this? jks

    July 26, 2012 06:17 pm at 6:17 pm |
  5. JustAO

    "Dealing with all the new regulatory burden has caused a lot of community banks to pull back. At the very time we'd like them to step forward and provide financing to small business," Romney said. "I'd like to get rid of Dodd-Frank and go back and look at regulation piece by piece."

    This is the GOP solution to EVERYTHING, "Lets return to the status quo where there are no rules for the banks and start over is there only solution." You had 6 years with a GOP pres to start over and protect our economy. Instead you DEREGULATED everything saying don't touch the free market and what did we get, an economic collapse. What are you smoking GOP?

    July 26, 2012 06:25 pm at 6:25 pm |
  6. S.B. Stein E.B. NJ

    Romney is speaking out both sides I think. I don't think that the GOP really has accepted the idea that the government should be doing anything. What has the GOP constantly said? I believe that it is that any regulation stiffle business which should be allowed to grow unimpeeded.

    July 26, 2012 06:32 pm at 6:32 pm |
  7. The Choobs

    Republicans aren't against regulations...they just don't like to have them enforced.
    "Let the market regulate itself. After a few deaths from bad beef, nobody will buy from that farm anymore." etc. Sounds like...the Middle Ages?

    July 26, 2012 06:33 pm at 6:33 pm |
  8. jesse james. take them to street and shoot them like the dogs they are

    Robme promices deregulation so that wall street can screw the 99%. Release the tax returns and we will see who you are. When you run for dog you have to release them.

    July 26, 2012 06:34 pm at 6:34 pm |
  9. jacobsart

    Intelligent words for your campaign. That does a whole lot more for you than the drama.

    July 26, 2012 06:36 pm at 6:36 pm |
  10. Jeettu

    Mitt Romney is once again misrepsenting the facts and showing his ignorance as to how things really work. He criticizes Dodd-Frank Bill and says that he will handle it piece0by piece in his presidencies. This is in sharp contrast to what buisness leaders would suggest as effective strategy to deal with business problems. It has been found that piece-by-piece approaches lead to sub-optimal results and problems later on as they develop inconsistent and contradictory policies. For a person who claims that his business exprerience would be helpful to him in the US Presidency, this is a clear indication that he does not understand how a business succeeds today and how we need to handle the problems facing USA. We need to take a system-wide view and need to develop comprehensive approaches like the Dodd-Frank Bill, like the Affordable Healthcare Act to make porgress in getting the economy out of recession. As a result, we cannot elect Romney as US President. Let us make sure that he does not win the election in November 2012. Hence, we should vote democratic all the way.

    July 26, 2012 06:38 pm at 6:38 pm |
  11. Candy Taylor

    This trip should give American's a good idea what a Romney presidency would be like! He has insulted our biggest ally now he is on his way to Isreal? I hope he doesn't cause more unrest over there. What an idiot! I'll give the GOP this.He makes Bush look much better! LOL!

    July 26, 2012 06:38 pm at 6:38 pm |
  12. Yonni

    Glad to hear that Mitten is for Regulation. I hope he is not going to walk back on this 1-2-3 I still hope, but I hear Rush Limbaugh, Shawn Hannity and likes screaming socialism. I have no hope he is going to walk back on this too.

    July 26, 2012 06:39 pm at 6:39 pm |
  13. vic , nashville ,tn

    Mitt Romney campaign will turn into misspoken campaign by November

    July 26, 2012 06:45 pm at 6:45 pm |
  14. JayHobeSound

    Scissor Hands is right: remove many crucial regulations and then defund the govt agencies with oversight to the point they don't have enough staff to investigate and enforce the remaining regs. A/k/a – repubs have been doing the aforementioned the last few decades and are good at it.

    July 26, 2012 06:45 pm at 6:45 pm |
  15. Mc Lederer

    The GOP is for less regulation of the boardroom and more regulation in the bedroom. Just the opposite of the Dems. There is a clear and simple choice here.

    July 26, 2012 06:49 pm at 6:49 pm |
  16. Beancube

    If the mass media, like FOX News, says GOP wants deregulation, then GOP is deregulating. Who dares to change that? We don't.

    July 26, 2012 06:54 pm at 6:54 pm |
  17. n

    Romney mounts, stands up with perfect form, bends his knees, slightly, jump straight up, flips and flops! like only Romney can. This guy is unbelievable . . . it never fails.

    July 26, 2012 06:56 pm at 6:56 pm |
  18. Maxx

    Yeah, Romney is all for the laws and regulations the little people have to follow, it's the ones that affect the 1% he's against.

    July 26, 2012 07:20 pm at 7:20 pm |
  19. organically

    In spite of the endless proof of human induced climate change, some of the population is still in denial. There are two reasons for this (1) the occasional negative news story on the science of climate change, and (2) Rightist conservatives radicals and tea partiers either are deniers or simply do not care. There are deniers in every scientific fact. Climate change deniers threaten humanity. Reversing climate change is impossible at this point due to the international thirst for fossil fuels and our overall society living standard. This is not going to change. So, rather than talking about stopping climate change, let’s ignore the utopian deniers and begin a dialogue on how to adapt and stop dwelling on things like Solyndra and the pipeline.

    July 26, 2012 07:22 pm at 7:22 pm |
  20. A not-so-stupid former republican

    Sounds like the flip-flopper is flipping again! And lying! republicans want to end all regulations except those that restrict union members donating to the Democratic Party.

    July 26, 2012 07:40 pm at 7:40 pm |
  21. PJ, TX

    We know what Romney wants to de-regulate. Anything that hinders the oil companies, regardless of the
    potential damage to the environment. We have enough environmental damage caused by droughts,
    hurricanes, floods, etc. We do not need Romney and friends to further damage what is left of the
    clean air and water that sustain life. Shell Oil is ready to run rampant in Alaska, "hoping" nothing like the
    BP spill will happen. Are we stewards of the Earth, or just of our own greed.

    July 26, 2012 07:50 pm at 7:50 pm |
  22. Mike Texoma

    A principle goal of the "starve the beast" strategy is taking the teeth out of regulation – banking and investing, clean air, wholesome food, aviation, everything – a de minimus federal presence in business and in social programs. They use the terms associated with excess – power grabbing, intrusiveness, cramdowns, and the like, to describe meaningful regulation because folks know that "hands off" means greed run rampant, an absence of fairness, and a boom and bust economy that can be self destructive, as we have seen. Mr. Romney is laboring under no illusions in regard to the Republican "starve the beast" strategy, and he knows he cannot lead his party away from it, should he care to. Do not be fooled by this "moderate" tone. "Starve the beast" is far bigger and stronger than Romney is.

    July 26, 2012 07:53 pm at 7:53 pm |
  23. horsehitcher

    Of course Mitt wants less regulations. He makes more money that way. He is in London to write off the trip to see his wife's dressage horse perform. That is not for all of the 'You people" to be able to do. He is a real diplomat-first speech he makes criticizes the way the Brits are running the Olympics. Way to go Mitt. Maybe the Brits are members of the "You people" that his Stepford Wife talks about.

    July 26, 2012 07:53 pm at 7:53 pm |
  24. sftommy

    Romney and GOP have been using different teleprompters for a long time...can we get a techie in there to fix that?

    July 26, 2012 07:56 pm at 7:56 pm |
  25. Gorbashov - Long Beach, Ca.

    A fundraiser in a foreigh country? Did he open up a bank account THERE as well?

    Maybe the Cayman Islands are becoming too transperent for him?

    Old 'Tax Avoidance Scheme' Romney......he hasn't met a tax dodge he doens't like!

    July 26, 2012 07:57 pm at 7:57 pm |
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