Bachmann: Repeal Wall Street Reform

Tea Party favorite Rep. Michele Bachmann (R-Minn.) has introduced a bill aimed at repealing the financial regulatory reform legislation signed into law last summer.

“[The law] grossly expanded the federal government beyond its jurisdictional boundaries. It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight,” Bachmann said in a statement released Thursday.

The Minnesota Republican added that the law fails to properly address mortgage giants Fannie Mae and Freddie Mac and provide protection against bailouts.

Bachmann’s bill coincides with a push from House Republicans to repeal health care reform.

The co-architect of the Wall Street reform bill, Rep. Barney Frank (D-Mass.), released a statement on Thursday calling the GOP bill misguided.

“Their effort to repeal the new financial reform law reveals the hypocrisy of right-wing claims that they are concerned with ending uncertainty in the economy,” said Frank, the former Chairman and now the top Democrat on the House Financial Services Committee. “Now that we have put in place a set of rules that allow financial markets to function but which also curb their excesses, Representative Bachmann and her allies want to reintroduce uncertainty by going back to exactly the situation that led to the financial crisis in the first place.”

Correspondent Geoff Holtzman contributed to this story.