Key GOP lawmaker wants to stop financial regulations

Reuters reports that Rep. Randy Neugebauer, R-Texas, the incoming chairman of the Financial Services Oversight and Investigations subcommittee, wants to delay implementation of the new financial reform law for a year "so regulators have more time to understand the impact of rules they are writing."

What's missing from the story, however, is how much money Neugebauer has collected from the financial sector for his election campaigns--the very folks who might be interested in such a delay. In his most recent race he got more than $418,000, dwarfing contributions he received from other sectors, according to the Center for Responsive Politics. Among his top donors were Bank of America, the American Bankers Association, and Credit Suisse Group.

Neugebauer told Reuters he may introduce legislation next session requiring the delay--which wouldn't have much of a chance of passing with the Democratic majority in the Senate and President Barack Obama in the White House.

Funding legislation being considered by Congress now does not include increases requested by agencies who say they need it to implement the hundreds of regulations required by the new law.