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Washington
Inside Washington (11/08/2010)
* WASHINGTON (11/9/10)--House Republicans plan to use their oversight powers to influence regulators as they implement the Dodd-Frank regulatory reform law (American Banker Nov. 8). While efforts to repeal Dodd-Frank appear unlikely to succeed, GOP lawmakers can significantly impact the law’s reach by holding oversight hearings, sending letters to regulators and scrutinizing rules as they are drafted. Dodd-Frank provisions already targeted by the GOP are the creation of the Consumer Financial Protection Bureau, including the appointment of Elizabeth Warren as advisor to the president to launch the agency, and the Volcker Rule that aims to restrain large financial institutions from making risky investments. Republicans said these provisions could hurt U.S. firms’ ability to compete and impair job creation efforts. In some cases, legislators’ awareness could provide backing for regulatory proposals such as the Federal Deposit Insurance Corp. (FDIC) plan to make creditors involved in the failure of a large bank take “haircuts,” which limit their claims. Legislators may also target the Durbin amendment, which empowers the Federal Reserve to regulate interchange fees on debit cards … * WASHINGTON (11/9/10)--Thirty-five of the more than 80 new Republican lawmakers elected to the U.S. House of Representatives have never previously served in an elective office. Newly elected GOP representatives come from varied backgrounds, including six medical doctors, three car dealers, two funeral home directors, a former Federal Bureau of Investigation (FBI) agent, a pizza restaurant owner and a Northwest Airlines pilot ( Politics Daily Nov. 8). They add to the ethnic and gender diversity of Congress with five Latinos, two African-Americans and at least seven women. High-profile winners of mid-term elections included Jon Runyan of New Jersey, a former lineman for the Philadelphia Eagles, and Sean Duffy of Wisconsin, who appeared on the MTV reality show “The Real World, Boston” …


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