Stu Rothenberg, the editor of the non-partisan Rothenberg Political Report, said that the bank’s recent fumble could be troubling for the Republican party.
“Any time you have a development that suggests businesses take unnecessary and unwise risks, you give ammunition to Democrats and cause problems for the Republican narrative,” Rothenberg said, according to the San Francisco Chronicle. “Romney will have to deal with it.”
Romney has highlighted his position on the economy, particularly his promise to repeal Dodd-Frank, which he says is one of the most burdensome and job-costing pieces of legislation currently backed by President Obama.
Romney endorses his own 59 point economic plan, in which he said that “some of the concepts in Dodd-Frank have a place,” the San Francisco Chronicle reports.
Romney’s plan, released in September, calls for an overall repeal of the 2010 legislation but does include some provisions of the law. Romney also advocates for the repeal of the Sarbanes-Oxley accounting overhaul.
“By the way, when I get rid of Obamacare and I get rid of Dodd-Frank and I get rid of Sarbanes-Oxley, it doesn’t mean I don’t want to have any law or any regulation,” Romney said, according to the San Francisco Chronicle. “It means I want to make sure it’s modern, it’s updated, it goes after the bad guys, but it also encourages the good guys.”
Sen. Carl Levin (D-Mich.) said Monday on NBC’s “Meet the Press” that repealing financial regulations will become exceedingly difficult following the bank’s announcement of the losses.
“The real problem is, the battle is not just between Washington and Wall Street,” Levin said, the San Francisco Chronicle reports. “The battle is inside of Washington.”