He’s not trying to hear that: President Barack Obama isn’t agreeing with members of Congress who think the Dems’ financial reform bill would lead to more big bailouts.
Congressional Republicans are mobilizing for an assault on President Obama’s next regulatory project: financial reform. However, Obama’s not hearing it when it comes to the GOP’s claim that the Democrats’ current bill would make it easier for big financial institutions to angle for government bailouts down the line. —KA
The Washington Post:
Speaking before a meeting with House and Senate leaders of both parties, Obama rejected that charge. “I’m absolutely confident that the bill that emerges is going to be a bill that prevents bailouts,” he said. “That’s the goal.”
Obama said he is “actually confident that we can work out an effective bipartisan package” to prevent individual financial institutions from growing so big their collapse would imperil the economy, plus regulate the derivatives markets and put in place other reforms.