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April 19, 2010

Obama Ratchets Up Push for Wall Street Reform

The White House hasn't announced it yet, but the Washington Post says to look for President Obama to make a new push for reform of financial markets regulation this week.

"Two insiders suggest that the president will travel domestically to make his latest pitch, though just where he will go has not yet been announced."

"Republicans last week launched an all-out effort to convince Americans that the Democratic proposals to regulate financial firms would represent a big 'bailout' for the banks. Obama's first, off-the-cuff response appeared to suggest little concern. But the White House quickly changed gears and the president's later comments -- including his weekend radio address -- were far more aggressive."

This expected push comes, of course, in the wake of the SEC accusing Goldman Sachs of securities fraud and, as the Wall Street Journal reports, the SEC has expanded their investigation into other major Wall Street banks.

The situation "has emboldened Democrats to ratchet up pressure on Republicans who oppose the Obama administration's proposal," the New York Times reports.

But Goldman Sachs is pushing back and as one senior executive at the firm told me over the weekend, "This is all out war."


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