WASHINGTON -- President Obama's plan to reshape financial regulation, which he will unveil on Wednesday, is the product of weeks of meetings among government officials, financial experts, lawmakers, industry executives and lobbyists, many of whom were invited to help the White House draft the proposal.Mr. Obama told reporters on Tuesday that a "lack of oversight" allowed what he called "wild risk-taking." He said it led to "very dangerous" conditions that imperiled the global economy. But executives from an array of industries caught up in the financial crisis came to Washington over the last several weeks to make their case for how the new regulatory landscape should look. They came from big banks and small ones, insurance companies and stock exchanges, hedge funds and mutual funds, and were joined by officials from consumer groups and big labor -- often with conflicting views. Now, lobbyists who lost the initial skirmish inside the administration will head to Congress to try to influence the final product.
Mr. Obama told reporters on Tuesday that a "lack of oversight" allowed what he called "wild risk-taking." He said it led to "very dangerous" conditions that imperiled the global economy.
But executives from an array of industries caught up in the financial crisis came to Washington over the last several weeks to make their case for how the new regulatory landscape should look. They came from big banks and small ones, insurance companies and stock exchanges, hedge funds and mutual funds, and were joined by officials from consumer groups and big labor -- often with conflicting views.
Now, lobbyists who lost the initial skirmish inside the administration will head to Congress to try to influence the final product.
we'll pull out in time, we promise! ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
among government officials, financial experts, lawmakers, industry executives and lobbyists
in other words, amongst the finance industry, its employees and its servants.
What about consumers? Representatives of other sectors of the economy? Services that deal with homeless people, bankrupt people, and so forth? Even representatives of small banks? And taxpayers?? In the long run, we're all dead. John Maynard Keynes
