Summers: Administration's financial reforms could pass this year:

09/14/2009 | Bloomberg

The Obama administration's plan to overhaul the system of financial regulation in the U.S. could be approved by Congress this year, along with health care reform, White House economic adviser Lawrence Summers said last week. The proposed changes include new oversight for firms deemed too big to fail, new powers to enable government to restructure failed companies, and the creation of an agency to oversee consumer financial products. Summers added that the new regulations are needed to prevent financial crises in the future.

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