Rep. Michele Bachmann (R-Minn.) is seeking cosponsors for her legislation to repeal the Dodd-Frank financial overhaul bill that Congress passed last year.
She wrote colleagues that the measure "blew down the doors of responsible regulation and grossly expanded the size and scope of the federal government."
Bachman, who is not a member of the House Financial Services Committee, added that the measure "does nothing to address taxpayer-funded liabilities like Fannie-Mae and Freddie-Mac, and will disproportionately hurt small, community banks. It is plain hubris to think that this government, with its $14 trillion debt, annual deficits, and wasteful-spending, is worthy of this plenipotentiary oversight."
GOP leaders have said they will devote considerable effort to overseeing the Obama administration's implementation of the law. One of the most controversial provisions is the creation of the Consumer Financial Protection Bureau.