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June 3, 2010 | federal legislation, industry | Comments (0)From the Huffington Post:
UNIONS, CONSUMER GROUPS HUDDLE WITH SUMMERS – Larry Summers and his deputy, Diana Farrell, along with Eric Stein, Treasury’s guy for consumer affairs, met with progressive groups at the Eisenhower building to talk Wall Street reform. There were few surprises, meeting attendees tell HuffPost Hill, with Summers and the groups mostly in accord. The one divergence came over Al Franken’s amendment, which would end the practice of banks choosing their own rating agencies and instead assign them by lottery, removing a colossal conflict of interest. Summers said he wasn’t there yet but was willing to be convinced, asking Public Citizen’s David Arkush and Demos’ Heather McGhee for more info. The White House is still pushing to remove the auto-dealer carveout from the consumer protection bureau. The groups pushed Summers to work with Maria Cantwell, who is threatening to vote no if her amendment to tighten derivatives regulation isn’t adopted. Summers said he was concerned about her amendment’s language that would nullify derivatives contracts, but saw the value of having Cantwell on board.
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