New York against financial reform cont.
June 17, 2010 | federal legislation, industry | Comments (0)A flurry of opposition from New York City-area politicians and House moderates is aimed at blunting tough new financial regulations – an 11th-hour lobbying blitz that could shift momentum once again in the Wall Street reform fight.
A pair of letters – from the New Democrat Coalition and New York City Mayor Michael Bloomberg – stake out a view that’s been politically risky amid the populist anger over Wall Street: don’t be too tough on the banks.
“We are deeply concerned by the very real possibility that, as a result of the Senate derivatives provision, America’s largest financial institutions will move their $600 trillion derivatives businesses overseas, at the expense of both the U.S. economy, as well as the economy of New York State and New York City,” said the New Democrat Coalition letter.
That letter, signed by New York Reps. Gary Ackerman and Michael McMahon, is expected to gather more signatures before it is sent to House leaders and Rep. Barney Frank (D-Mass.), who is leading the conference committee.
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