After the unethical sale of mortgage-backed securities sparked the mortgage crisis and collapse of banking industry that required the federal government to step in and bail out the banks in 2008, the Obama administration implemented new rules designed to rein in Wall Street bankers to try to prevent another financial disaster.
However, the incoming republican financial services committee chairman, Spencer Bachus of Alabama has vowed to try to undo the new bank regulations.
According to the New York Times, “Bachus has pledged to carve away at the massive financial regulatory overhaul bill passed in 2010.”
Bachus told an Alabama newspaper that it is not the job of lawmakers to protect consumers. Bachus said, "we are here to serve the banks."
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