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| June 8, 2010: As Congressional negotiators begin this week to merge two bills overhauling the financial system, the Obama administration wants them to reach an agreement before President Obama leaves on Thursday, June 24, 2010, for a Group of 20 in Toronto, according to The New York Times. Administration officials have tried to use the summit meeting to create some urgency among legislators. White House officials think a deal would give President Obama greater leverage in efforts to persuade other countries to support proposals like a global bank tax and higher capital standards for the largest financial institutions. The higher standards are part of the legislation, but would require international coordination. “We’re on the verge of legislating sweeping reforms of our financial system, to fix what was broken in our system, recognizing that those failures in the United States were very consequential to the world as a whole,” U.S. Treasury Secretary Timothy Geithner said last week before leaving to meet with G-20 financial ministers in South Korea. But first, Congressional negotiators must resolve substantial differences between the bills, which together total more than 3,000 pages and amount to the most extensive rewriting of financial regulations since the Great Depression. The process is scheduled to start formally on Thursday, June 10, 2010, with a meeting of more than 20 legislators from both parties and both houses of Congress. “I think it is very important for the stability of the economy for this to get done,” said U.S. Rep. Barney Frank, Massachusetts Democrat, who is the Chairman of the House Financial Services Committee. He said that White House Chief of Staff Rahm Emanuel had urged him to produce a consensus report by June 24, when Obama is expected to leave for Toronto. Amy Brundage, a White House Spokesman, said during the weekend that Obama was looking forward to discussing the financial overhaul at the G-20 meeting and reiterated that “he hopes to sign financial reform into law by July Fourth," 2010. |
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