As an important deadline looms in Congress, the Obama administration signaled on Tuesday that it would push back hard against any legislation that substantially loosens the sweeping 2010 overhaul of the financial system.
“For now, consumer advocates say they are optimistic. They say they do not expect a big compromise like the one on swaps last year. “It’s not going to be anything serious,” said Dennis , president of Better Markets, a group that lobbies for tough financial regulation. “I think the lesson of swaps was that it was not only incredibly bad policy but also bad politics to give an early Christmas gift to Wall Street.”
Read the full New York Times article by Peter Eavis here.