"The outgoing chairman, Rep. Barney Frank (D-MA), played an instrumental role in developing sweeping financial regulatory reforms enacted by President Barack Obama in July."
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Alabama Republican Spencer Bachus, ironically demonstrating the key characteristic (madness) of his Roman namesake (Bacchus), has inadvertently given us a preview of what power Ron Paul will be able to wield when he takes over the Domestic Monetary Policy Subcommittee in the 112th Congress.
Bachus, who told the Birmingham News that "Washington and the regulators are there to serve the banks," was designated the next chairman of the House Financial Services Committee last week by (R)epugnant "leaders": http://www.rawstory.com/rs/2010/12/incoming-gop-chairman-congress-exists-serve-banks/
Bachus' Committee oversees Paul's Subcommittee. Hey, Karl, you won't be seein' subpoenaes anytime soon!
(Curiously, this Rawstory article seems supportive of the "bacchanal" surely to come, as well as the recent past:
"Bachus was an important negotiator for the $700,000 billion Troubled Asset Relief Program (TARP) of 2008 -- often derided as the "bank bailout" -- which angered the public but also prevented a widespread collapse of the financial system. It passed with wide bipartisan support.
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