We predicted during our webinar: The Election and Section 342, that "influential and wealthy tea party contributors will push repeal of financial reform effort first." On January 5th, Tea Party Caucus Founder U.S. Representative Michele Bachmann introduced a bill to repeal the Dodd-Frank Law:
"H.R.87 Latest Title: To repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. Sponsor: Rep Bachmann, Michele [MN-6] (introduced 1/5/2011). Cosponsors (4)
Latest Major Action: 1/5/2011 Referred to House committee. Status: Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Energy and Commerce, the Judiciary, the Budget, Oversight and Government Reform, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned."
That the Dodd/Frank repeal bill has been introduced BEFORE the Health Care repeal bill is indicative of Tea Party's true (revealed) priorities. As we said in our webinar, despite vitriolic rhetoric concerning health care, the wealthy backers of the tea party movement are primarily focused on financial issues. They are controlling the Tea Party's agenda and movements.
We now estimate the probability of full Dodd-Frank repeal at 25% (0.25). Specific estimates of the probability of repeal are detailed in the Webinar.