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Schumer, Wall Street's Go-To Senator, is Now Pro-Regulation
By
Jen Chung
Published Mar 2, 2009
Modified Mar 2, 2009
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By
Jen Chung
Published Mar 2, 2009
Modified Mar 2, 2009
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Well, well, well, look how the times have changed. Senator Charles Schumer, who famously championed Wall Street business to the point of protecting the industry, as the NY Times put it last winter, "from government oversight and tougher rules" (saving Wall Street billions), now thinks the financial services industry, um, needs regulating. This morning at a Crain's Business event, Schumer explained that, per Crain's, "more aggressive regulation is needed in order to ensure New York maintains its standing as the world’s capital of finance... because jittery investors around the world are looking for places where they can trust that tough regulators will protect their interests." He also said that a regulatory reform bill will be sent to President Obama by April.
Tagged
regulation
SEC
senator schumer
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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