In a couple hours, President Obama will release his plans to reshape—and, he hopes, improve— financial market regulation. According to the NY Times, it "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." You can read the draft here; the proposal says, "We need to be sure that the government has the tools it needs to manage crises, if and when they arise, so that we are not left with untenable choices between bailouts and financial collapse." CNBC says that it's drawing mixed reviews so far, but Obama told Bloomberg News, "Wall Street seems to maybe have a shorter memory about how close we were to the abyss than I would have expected." He did say, "You’re starting to see the engines of the economy turn," but admitted, "It’s going to take a long time" and expects 10% unemployment.
Obama To Unveil Financial Regulation Plan
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If finalized, the maps could lead to high-profile primaries among veteran lawmakers.
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