Rep. Boehner Digs In For Fight On Wall Street Reform

Just a few days ago, it appeared the Republican Party was committed to defeating Wall Street reform at any cost.  But yesterday, several Republican senators indicated that the parties are close to reaching a deal.  Even Minority Leader Mitch McConnell (R-KY) softened his combative tone.       

Nevertheless, any bill that passes the Senate will also have to pass the House before it reaches President Obama's desk.  And, true to form, House Republicans are signaling that they're ready for a bitter fight.   

Today on Fox News, House Minority Leader John Boehner (R-OH) repeated the widely debunked talking point that Wall Street reform will provide a "permanent bailout" for the big banks.  He also dismissed the suggestion that Republicans are sticking up for Wall Street, claiming that the pending bill "does everything that Wall Street would want."

BOEHNER: Well, the president has been trying to label Mitch McConnell and I as protectors of Wall Street.  I don't think anything could be further from the truth.  It's their legislation that provides for a permanent bailout of Wall Street.  These are the people that put Barack Obama and Democrats in charge here in Washington.  And yet -- and their bill, frankly, does everything that Wall Street would want.  And so the president can make these claims, but I think the facts speak otherwise.

Watch:

According to PolitiFact.com, the bill's intent "is to liquidate failing companies, not bail them out. To do that, it creates a fund with contributions from financial firms, not from taxpayer funds." Undoubtedly, Boehner knows this -- in fact, Republican Sen. Bob Corker (TN) has explained it on multiple occasions -- but he's choosing to lie. 

As for who's protecting Wall Street, in February the Wall Street Journal reported that Republican lawmakers were asking bankers to help them prevent increased financial regulations.  Can you guess who, specifically, was leading the party's outreach?

In discussions with Wall Street executives, Republicans are striving to make the case that they are banks' best hope of preventing President Barack Obama and congressional Democrats from cracking down on Wall Street.

Last week, House Minority Leader John Boehner of Ohio made a pitch to Democratic contributor James Dimon, the chairman and chief executive of J.P. Morgan, over drinks at a Capitol Hill restaurant, according to people familiar with the matter.

Similarly, Republican leaders met privately with "about 25 Wall Street executives" last week to hear the bankers' "numerous complaints" about the bill.  And Wall Street has dispatched "more than 1,500 lobbyists, executives, bankers, and others" to Washington, DC to fight against regulation. Yet, Boehner still wants to argue that it's Democrats who are siding with the big banks.