Republican Congress Plans to Dilute Regulation of Wall Street

WASHINGTON, Jan 7 (Reuters) - The U.S. House of Representatives expects to vote Wednesday on legislation retooling a series of financial regulations, an early sign that Republican leaders will attack President Barack Obama's Wall Street reforms this year.

Scaling back reforms including the so-called Volcker rule on banks is a top Republican priority as stated on the website of House Majority Leader Kevin McCarthy of California

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The proposal is one of the first votes House lawmakers will take this year after the Republican Party formally took control of both chambers of the U.S. Congress this week following last November's congressional elections.

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Ignoring the fact that this is just plain wrong, it's also stupid politics. The GOP is playing into the hands of Obama. The mega  banks are as crooked as my dog's hind legs and pretty much everybody knows it. Obama will veto anything along the lines of what the GOP is planning thus coming across as a hero for the folks on Main Street who are sick of the preferential treatment that the Wall Street banksters get.