Bachus Urges Delay in Regulatory Overhaul
Because the size and scope of the regulatory restructuring plan calls for a "significant amount of transparency and time for the public to read and digest its contents," the top House Republican on financial issues is urging senators to wait 30 days after all amendments are approved before a final vote.
This will give citizens a chance to review the bill, a time period needed because "the processing of producing legislation is both chaotic and confusing," Rep. Spencer Bachus (R-Ala.) wrote in a letter sent yesterday to the Senate Democratic and Republican leaders and the chairman and top Republican on the Senate Banking Committee.
Bachus, the ranking Republican on the House Financial Services Committee, wrote that the delay will give taxpayers the chance to review the measure "without fear of being blindsided by last-minute changes."
The Senate is in the middle of debating and amending the bill and Democratic leaders have said they hope to pass it by the Memorial Day recess. After that, the bill must be reconciled with the measure passed by the House last December.