Sen. Shelby on Financial Reform: Repeal It

President Obama took on House GOP Leader John Boehner’s call for repealing financial reform before it’s signed yesterday.

But Boener’s call was backed on "GMA" by Richard Shelby, the ranking Republican on the Senate banking committee.

"We would like to repeal it," Shelby said.

“We have empowered a lot of the regulatory bodies that failed us before and the question is what have they learned,” he said. “And it is not going to create jobs which we desperately need, it is going to cost jobs. It is going to hurt the economy.”

Shelby sighted the lack of reform of Fannie Mae, Freddie Mac as well as the formation of a consumer protection agency, calling it the creation “of one of the largest bureaucracies” in years.

“We don’t need this, what we need to do is create jobs. We are all consumers, and we like to make sure the consumer has some protection, but we basically protect ourselves,” he said. “But I tell you, this is not a jobs bill, it is not good for the economy, it is not real reform George.”

--George Stephanopoulos

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