Today’s Financial Times reports that Rep. Spencer Bachus (R-Ala.), who plans to chair the House Committee on Financial Services, is urging watchdog agencies to ignore the law and let Wall Street run wild again – and with taxpayer money to boot.
Bachus wants the big banks to keep up the government-subsidized gambling that crashed the economy and cost millions of jobs. His position flatly contradicts the Volcker rule in the new Wall Street reform law, and it’s the wrong direction for the country.
If Bachus plans to take direction from Wall Street lobbyists and give the big banks more financial wrecking balls rather than make the economy work for ordinary Americans, we can expect more financial crises, more big bank bailouts and more lost jobs.
He should reconsider and commit himself to serving the public, not helping the likes of Bank of America, JPMorgan Chase and Goldman Sachs set new records for profits and bonuses.
David Arkush is director of Public Citizen’s Congress Watch division.