Bloomberg warns overregulation could drive away financial firms from Wall Street

15:00, April 22, 2010      

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New York Mayor Michael Bloomber said on Wednesday that overregulation could drive away financial firms from Wall Street, a warning shows that the mayor is against President Barack Obama's financial reform.

According to a report on the website of local TV channel NY1 on Wednesday, Bloomberg and other officials have found themselves in a bit of a "sticky situation" ahead of U.S. President Obama's visit to Wall Street, where he's expected to outline a series of reforms that could prove costly to the city and New York State.

"There's no question Bloomberg has been at odds with the White House over Wall Street reforms," says the report.

"We need more people here paying taxes. And when they make money, they pay more taxes. So, you know, we're on their side," Bloomberg is cited as saying.

In his speech in New York City on Thursday, President Barack Obama will reportedly press his case for the U.S. Congress to approve a sweeping financial system reform bill.

The president's return to The Cooper Union college in the city to deliver an urgent message about the need to strengthen financial rules comes as the U.S. Senate prepares for what could be a difficult debate on the legislation.

This will be the fourth address Obama has delivered in New York City, the home of Wall Street, since 2007 when as a candidate for the White House he called for greater accountability, intensified financial oversight.



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