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Bachmann to introduce bill repealing Wall Street reform

Posted by: under 6th District Updated: January 4, 2011 - 6:29 PM

Republicans haven’t repealed health care reform yet, but Rep. Michele Bachmann already has her sights on another target.

Bachmann plans to introduce a bill to repeal the Wall Street reform law that passed in the last Congress, according to a letter she sent to House colleagues obtained by Hot Dish.

Bachmann sent the letter to Tuesday seeking co-sponsors for legislation repealing the Dodd-Frank Wall Street reform law. The Minnesota Republican said her repeal bill had been endorsed by the Club for Growth, an anti-tax advocacy group.

“It is time to repeal this job killer,” Bachmann wrote. “This is a frightening abuse of power and will do nothing but stymie our recovery.”

Bachmann said that the legislation did not address housing lenders Fannie Mae and Freddie Mac, and cited broadened powers given to the Treasury.  “It is plain hubris to think that this government, with its $14 trillion dollar debt, annual deficits, and wasteful-spending, is worthy of this plenipotentiary oversight.”

Like health-care reform, a repeal of the Wall Street legislation will have a difficult time becoming law with Democrats controlling both the Senate and White House.

But Bachmann suggested another way of knocking down the legislation in her letter: “The unconstitutionality of Dodd-Frank should be obvious to all,” she wrote.

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