|
 Obama told a news conference he believed Republicans, who will be
in charge of both houses of Congress from January, could work with
the administration on issues such as tax reform.
But he said he would not accept roll-backs of the 2010 Dodd-Frank
financial regulatory law as part of those deals.
"If they try to water down consumer protections that we put in place
in the aftermath of the financial crisis, I will say 'no'," Obama
said. "And I'm confident that I'll be able to uphold vetoes of those
types of provisions."
Congress passed the Dodd-Frank law in response to the 2007-2009
crisis but many Republicans disagreed with its approach to cleaning
up the financial system. They attached a provision to undo one
section of the law to a government funding bill that lawmakers
approved last week.
Democrats slammed that change as a capitulation to Wall Street but
the Obama administration said it was a compromise in exchange for
higher funding for two regulatory agencies.
[to top of second column] |
Liberal lawmakers also warned that Republicans would use the same
strategy in 2015 to water down the Wall Street overhaul by attaching
provisions to unrelated bills that Democrats would feel compelled to
support. Obama on Friday said he would not accept such substantial
changes to his regulatory law.
(Reporting by Jason Lange and Emily Stephenson; Editing by Chris
Reese and James Dalgleish)
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