AP: The
GOP is trying to fight many of the changes that
President Barack Obama and majority Democrats want. Legislation would give the government authority to split up big financial companies and force the industry to pay for its most massive failures.
Republicans have offered alternative legislation that calls for new bankruptcy proceedings to dismantle failing institutions.
Rep. Kevin McCarthy of
California, a member of the
House Financial Services Committee, said that creating more federal agencies and putting taxpayers on the hook for more bailouts will not help revive the economy.
The House passed a regulatory overhaul in December.
The Senate has yet to vote on a similar measure.
Democratic senators sent a
Wall Street regulation bill from the Senate Banking Committee to the full Senate on a
party-line vote last month after a temporary retreat by Republicans that still left the bill's chances for bipartisan passage in doubt.
EU-Digest
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