So, check this out:
How is it that a Republican House that claims to be pro-jobs can't pass a regulatory reform so modest that even President Obama's jobs council endorses it? Part of the answer is that the accounting cartel fighting reform has one of its own in the Republican ranks. A GOP presidential candidate also can't be bothered to show up for a critical vote.
In September we told you about Tennessee Representative Stephen Fincher's plan to relieve small public companies from Sarbanes-Oxley's most burdensome and duplicative accounting rules. "Useless" might be a better description for these rules, after MF Global became the latest company in the Sarbox era to hide catastrophic transactions outside its balance sheet—exactly what the law was supposed to prevent.
On Tuesday night, the House Financial Services Committee had to yank the Fincher reforms from a scheduled Wednesday vote. With all committee Democrats expected to vote against reducing paperwork, the Republicans would need almost all hands to send the measure to the House floor.
But House sources say Michele Bachmann wouldn't return from the campaign trail to vote. Meanwhile, California Republican John Campbell has been leading an effort to water down or kill the Fincher reforms. Mr. Campbell is an accountant carrying water for his former industry colleagues. New Mexico Republican Steve Pearce, who styles himself an opponent of federal regulation, is also blocking reform.
Sarbox was supposed to punish accountants, but like much regulation in practice it guarantees a lucrative business to a cartel dominated by four big firms. The mandate for an external audit on top of the traditional financial audits has helped accounting fees rise as fast as the bureaucratic burden.
That editorial was not from the WaPo or the HuffPo. That's the Wall Street Journal. Could the idiot Republican possibly be any more worthless? Every chance they get they vote for anti-competitive regulation increases and bailouts for their campaign contributors. They vote against millions for widows and orphans, but support billions in tax money for corporations. Man, I hate Republicans.
(If you are thinking of offering a "yeah, but Dems are bad, too!" defense....just shut up. The Dems are honest. They say they are going to take money from people who earned it and use it to buy votes. Despicable, but honest. The Republicans are LIARS on top of being thieves.)
(Nod to Kevin Lewis)