McConnell Does Wall Street’s Bidding: ‘The Less We Fund’ Regulators, ‘The Better America Will Be’

The GOP has sought to cut the budgets of both the Securities and Exchange Commission and the Commodity Futures Trading Commission, two agencies that were already swamped with policing financial markets that have exploded in recent years. These budget cuts will have a detrimental effect on the economy, as the agencies charged with reining in Wall Street excess will be unable to do so, allowing the nation’s biggest banks to go back to business as usual. But according to Senate Minority Leader Mitch McConnell (R-KY), House Republicans are on the right track. Today, McConnell explained that, in his view, “any move to slow down the agencies’ ability to implement rules stemming from the Dodd-Frank law is good for the country“:

“Anything we can do to slow down, deter or impede their ability to engage in this kind of oppressive overregulation which is freezing up our economy would be good for the country,” McConnell said, speaking at a breakfast hosted by the Christian Science Monitor…McConnell endorsed those plans, saying, “The less we fund those agencies, the better America will be.”