Treasury Secretary Timothy Geithner allegedly told Mayor Bloomberg in a meeting that the Obama Administration is going ahead with its Wall Street reform package, and that the new reforms would be good for the city. One official told the Daily News, "People are angry and until those people, including New Yorkers, see real reforms, they are going to stay angry."

Bloomberg, however, believes the reforms would hurt Wall Street workers, and discourage companies from doing business in the city. He is particularly upset at two measures which would put restrictions on the types of trades big banks could do and limit the size of financial companies. However, Geithner insisted they would push forward, and one source said Bloomberg "wants to work with us." Bloomberg spokesman Stu Loeser confirmed the sentiment, saying, "There's a lot we support and a few things we don't, and we remain committed to helping come up with a final bill that protects consumers and New York City." Bloomberg previously urged Washington officials not to regulate Wall Street, but his requests fell on deaf ears.