Romney: GOP has 'misspoken' on regulation
July 26th, 2012
05:50 PM ET
11 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. george of the jungle

    after spending months commplaining about the presidenst foreign policys this moron opens his mouth and offends the british our closeses allies. what will he do in isreal next kiss ass or what.? Now he is offending his own party. Keep it up mittens. Forward. 2012

    July 26, 2012 08:08 pm at 8:08 pm |
  2. mcskadittle

    what?!? what about Ayn Rand and all that free market stuff you all have been shouting from the mountain tops?

    July 26, 2012 08:18 pm at 8:18 pm |
  3. geggyg

    If Romney supports good regulation and not total deregulation why does he want to close the EPA , FDA and other regulatory bodies . Wont he have to start new organisattions to implement his "good regulations" or will all the regullations be self regulated by the industries involved

    July 26, 2012 08:34 pm at 8:34 pm |
  4. Kenny K

    How much foreign money do we need in USA politics?

    July 26, 2012 09:34 pm at 9:34 pm |
  5. They ought to change from the elephant to the hippo...

    Uh oh, Mittens... Are you sure you got permission from Rush to speak about what the party wants?

    July 26, 2012 10:05 pm at 10:05 pm |
  6. Dan5404

    Everyone knows the GOP is on the wrong side of the regulation issue. They would loosen safety rules on fracking, coal mines, power plants. worker safety, nuclear safety, and banking controls by pushing for virtually no regulations or very watered-down versions that would have no effect. It's all for billionaire profits.

    July 26, 2012 10:40 pm at 10:40 pm |
  7. CanadaONE

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

    July 26, 2012 11:03 pm at 11:03 pm |
  8. Dave Jansen

    And the Etch-a-Sketch Romney is back!!!


    July 26, 2012 11:16 pm at 11:16 pm |

    Eight years of tax cuts & weak regulation brought us the Great Recession. For example, a loan officer at a lending company could give someone a mortgage that he could not possibly pay, without fear of prison time or even a fine. And how many officers of bankrupt banks and investment houses have gone to jail? Not very many. Wall Street loves deregulation in the short term, but in the long term, most people suffer.

    July 26, 2012 11:35 pm at 11:35 pm |
  10. anthony78

    Willard still doesn't get that his own party will already be voting for him holding their noses. Looks like he wants to alienate even more people. At what point do the Repubs start throwing in the towel and preparing Christi for his 2016 lard run...

    July 27, 2012 01:13 am at 1:13 am |
  11. enuff

    First off, who is he campaigning to? The european market isn't listening to what he "might" be able to do. Second, he hasn't officially been nominated yet. Don't bite the hand that has be3en feeding you. Karl Rove won't appeciate you talking off script.

    July 27, 2012 01:18 am at 1:18 am |
  12. Bugl3t

    The very fact that the financial industry wants Romney in is all I need to NOT vote for him... Derivatives, default swaps.... it's just gambling with other folks money. Time to focus on nation building IN AMERICA and less on outsourcing everything from jobs to money!

    July 27, 2012 01:31 am at 1:31 am |
  13. J.V.Hodgson

    Hello I thought foreign money in US elections was not lawful unless he has checked that all his donors are US citizens with the legal not fraudulent photo id and a proven voter registration.
    Dodd frank 1/3rd implemented after 2 years why...because the lobbyists are bashing away paid for by the banks for exceptions and definitions they can then work around, also the House and Senate playing games ( filibuster of top appointee) the consumer protection parts which simply curbed usurious profits by banks, and shameful rules that maximised interest income.
    Now its exacerbated by Citizens United and they are pouring money to Romney cause he says he'll repeal Dodd Frank. Transparency does not = honesty and integrity and reasonable moral behaviour. Derivatives are and will remain an economically non viable form of investment as they are extremely risky and if the correct CDS rate ( insurance cover) of charge applied to a higher risk investment properly rated by credit agencies, those costs ( insurance and checks ( ratings done independently from bank provided data) would make the extortionate profits or lossses in the billions difficult to make/ incur especially if you add open market trading data ( transparency) to the checks and balances i.e. sensible regs.

    July 27, 2012 01:31 am at 1:31 am |
  14. aCriticalEye

    An Etch-A-Sketch moment for sure. Thats the say anything (lies included) to get elected, RoMoney.

    July 27, 2012 06:13 am at 6:13 am |
  15. trublue

    Sure I'm going overseas to talk with the rich about our money, and assure them that i will protect it at all coast. we can maybe put a few million in the US to let them think we care, we can pull this off if you trust me I will triple your MONEY. Its all about RICH and POOR we don't need the Middle they have been getting in the way for a very long time.

    July 27, 2012 06:52 am at 6:52 am |
  16. Independent jim

    Romney says get rid of Dodd / Frank and go back and look at regulations piece by piece .., that would take 20 years and then some ... by that time there would not be one nickle in the pockets of middle class America ..oops I misspoke .. what I meant was there would not be one cent left in the pocket of the poor and there would be no middle class

    July 27, 2012 07:11 am at 7:11 am |
  17. Ben

    Again, Romney cannot be trusted. He lacks the integraty to tell the truth MOST of the time. The GOP have fought every regulation. From common sense regulation on Wall Street to environmental regulations that keeps us all safe. The republican party have become the party of no regulation.They are willing to polute our rivers and stream just to make a buck. If it is going to make them a buck, they are willing to put a military tank in the hand of a metally derange person in the name of second amendment.

    July 27, 2012 07:38 am at 7:38 am |
  18. Zechariah14

    Former one term governor mitt Romney is sending a clear signal he knows that he is not gonna win in November presidential race when the former one term governor of Massachusetts mitt Romney debate president Obama the real records of the former governor mitt of Massachusetts shall come out he want be able to Dodge
    the millions who shall watch it live hopeCNN shred the former governor of Massachusetts on the facts even with people who directly was and know the former governor who lost something because of his leadership style and vision
    that is destructive to the middle class families

    July 27, 2012 07:56 am at 7:56 am |
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