President Barack Obama’s demand Thursday that Congress clamp down on the size of banks and their investments got major blowback from New York City Mayor Michael Bloomberg, who said it could cause layoffs and hurt the city. It’s a clash between the president and the mayor. President Obama wants to whittle away at the size of the financial services industry. “The American people will not be served by a financial system that comprises just a few massive firms,” the president said. But Mayor Bloomberg said the banks and Wall Street are part of the bedrock of the city’s economy, and efforts to slash their business just means less tax revenue for the city, which brings up the dreaded “L” word.
Bloomberg Hammers Obama, Congress Over Bank Plan
Most Popular Articles
Latest Articles
Spring housing market gets more inventory
We’ve now had back-to-back weeks of healthy housing inventory growth, making spring 2024 much healthier than spring 2023.
-
The best real estate podcasts for agents and brokers in 2024
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program