White House Meeting Focuses on Financial Regulations

White House Meeting Focuses on Financial Regulations

President asks for bipartisanship to reach financial reform.

President Obama urged House and Senate leaders from both parties to set aside partisan tensions and work harder to complete legislation overhauling the nation's system of financial regulations. During a White House meeting on Wednesday with Senate Majority Leader Harry Reid, D-Nev., Senate Minority Leader Mitch McConnell, R-Ky., House Speaker Nancy Pelosi, D-Calif., House Majority Leader Steny Hoyer, D-Md., and House Minority Leader John Boehner, R-Ohio, the President said he is confident that by working together diligently over the next several weeks, they can come up with a package that serves the American people well.

GOP leaders believe a bill introduced last month by Senate Banking Committee Chairman Christopher Dodd, D-Conn., fails to address the problems caused by failure of mortgage giants Fannie Mae and Freddie Mac. The White House is asking for public comments on how to overhaul the housing finance system and what role - if any - the government should play in that system.

Republican opposition to the main financial overhaul bill has not eased. Boehner believes it sets up a huge new bureaucracy that will destroy jobs and does nothing to address the root causes of the financial meltdown of Fannie and Freddie.

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