Cantor: House GOP Will Not Support Obama-Backed Financial Reform

Congressional Quarterly/Newscom

House Republicans’ top vote counter predicted today that if the Senate passes a bipartisan financial regulatory reform bill that mirrors a White House plan to impose stricter rules on Wall Street, his members will oppose it broadly.

“If this bill that emerges from the Senate is anything like what the Obama administration is talking about in terms of its idea of quote-unquote Wall Street regulation I don’t see overwhelming support in the House on our side of the aisle, no,” said Minority Whip Eric Cantor at a press event this evening, in response to a question from TPMDC.That could put the GOP rank and file in a tough place. The Senate is reportedly close to a deal on financial reform addresses a handful of Republican concerns–particularly on the issues of derivative regulation, resolution authority, and the scope of authority of a proposed consumer protection agency. But the changes to the base bill, which the White House broadly supports, aren’t expected to be sweeping.

One of House Republicans’ central critiques of the Democrats’ proposals is that they don’t call for the winding down of Government Sponsored Enterprises Fannie Mae and Freddie Mac. Democrats broadly oppose that move, and it’s unlikely the Senate bill will contain such a provision.