Republicans on Wall Street's side

The Associated Press:

Washington - President Barack Obama's financial overhaul law is nearly a year old. For congressional Republicans, the fight to weaken it is just starting.

Wary of trying to repeal the entire statute and being portrayed as Wall Street's protectors – banks rank among the country's least popular institutions – GOP lawmakers are trying to nibble away at the behemoth measure. It's a crusade they're waging despite lacking the White House and Senate control they need to prevail.

Days ago, one Republican-run House committee approved bills diluting parts of the law requiring reports on corporate salaries and exempting some investment advisers from registering with the Securities and Exchange Commission. Another House panel voted to slice $200 million from Obama's $1.4 billion budget request for the SEC, which has a major enforcement role.

Meanwhile, Senate Republicans are continuing a procedural blockade that has helped prevent Obama from putting Elizabeth Warren or anyone else in charge of the Consumer Financial Protection Bureau, which opens its doors in two weeks.

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