But an initiative that would water down existing regulations crafted to ensure a high degree of church-state separation is unnecessary and dangerous.
In the face of intense lobbying pressure, Ms. Waters voted on Tuesday to oppose several House bills that would water down Dodd-Frank, a move that one consumer advocate called "gutsy".
On energy efficiency – for which the European Commission is trying to draw up a new directive – the UK is proposing measures that would water down the obligations of businesses and the public sector to cut the amount of wasted energy.
Having lost that battle, Mr Kuchma then said he would only accept changes to the electoral laws, along lines set out by Mr Yushchenko, if the opposition leader in turn agreed to constitutional reforms that would water down the powers of the president.
Interest groups on all sides of the issue agree that the law is obsolete, but consumer groups repeatedly complained that the industry was trying to push through new regulations that would water down consumer protections and essentially allow the industry to regulate itself.
The company has also thrown its support behind a bill now pending before the Washington state legislature that would water down the current law, which dates to 1998.
