Republicans dispute course of financial overhaul

WASHINGTON (AP) - Republicans are taking aim this weekend at Democratic efforts to enact a regulatory overhaul of the financial industry. In their weekly radio and Internet address California Rep. Kevin McCarthy of California says creating more federal agencies and putting taxpayers on the hook for more bailouts isn't the answer.

McCarthy, a member of the House Financial Services Committee, says taxpayers should no longer be used as a lifeline for large financial institutions. The GOP is trying to beat back many of the changes that President Barack Obama and Democratic lawmakers seek.

The legislation would give the government authority to split up big financial firms and force the industry to pay for its most spectacular failures. Republicans have offered alternative legislation that calls for new bankruptcy proceedings to dismantle failing institutions.

(Copyright 2010 by The Associated Press. All Rights Reserved.)