Wednesday, September 23, 2009
White House abandons and House Divided on Financial Reform
Obama administration on Wednesday abandoned a significant provision in the face of widespread political and industry opposition. It dropped a requirement for financial services companies to offer “plain vanilla” products, like 30-year fixed mortgages and low-interest, low-fee credit cards. NYT discusses political cave-in. and that unity from the darkest days of the crisis have dissolved. The acrimony could further delay or dilute the administration plans to rewrite rules for the financial system.
Posted by Stuart Rosenthal