Saturday, April 17, 2010

The Battle Over Financial Regulation Heats Up

On Friday, the battle over financial regulation heated up, with President Obama vowing to veto any financial reform bill that did not regulate derivatives (complex financial instruments which were partly responsible for the financial crisis), and all 41 Senate Republicans declaring their opposition to the bill in its current form. Today, the President devoted his weekly address to the reform issue, vowing to press ahead with the legislation and accusing Senate Minority Leader Mitch McConnell of making "cynical and deceptive" statements against it in an effort to protect Wall Street from regulation.

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