http://www.washingtonpost.com/wp-dyn/content/article/2010/04/16/AR2010041603436.html President Obama said Friday that lobbyists for the financial sector have "found allies on the other side of the aisle" to oppose new regulations on Wall Street, and he warned Republican lawmakers that they will have a "clear choice" in the coming weeks, whether to side with an unpopular industry or the American taxpayer.
The remarks echoed ones he made Thursday night during a fundraising speech in Miami, and they bring a sharp political edge to the accelerating debate over a financial regulatory reform measure pending before the Senate.
Speaking before a meeting with his Economic Recovery Advisory Board, Obama said, "We can't allow history to repeat itself," referring to the deep recession that started in the financial sector and spread into almost every other facet of the economy.
Specifically, Obama demanded that any financial regulatory reform legislation impose new transparency requirements on derivatives trading, something that Wall Street investors worry could drive that market overseas if rules in Europe remain unchanged.
Obama said he would veto legislation that did not include controls on the U.S. derivatives market.
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