White House praises BofA's Moynihan for his stance on reform

05/13/2010 | Bloomberg

The Obama administration has found an ally in Bank of America CEO Brian Moynihan. Many bank CEOs have voiced opposition to President Barack Obama's efforts to overhaul financial regulation, but Mr. Moynihan has lent his support to measures including the establishment of a consumer-protection agency. "He has been willing to speak out bravely in his industry on the need for reform measures," said Valerie Jarrett, the White House's liaison to corporate America. "And he has been willing to come to Washington and roll up his sleeves and work on the issue."

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