Chief executives of the largest U.S. banks acknowledged Monday the “disconnect” between their expressed support for re-regulating financial markets and the work of their lobbyists to weaken any new rules.
The executives pledged during a White House meeting with President Barack Obama that they would personally intervene on behalf of the legislation.
On CBS’s “60 Minutes,” President Obama decries “fat cat bankers” ahead of Monday evening’s meeting between White House officials and banking representatives. Video courtesy of Fox News.
Some of the CEOs said their lobbyists had taken stronger stands than they would have wanted, an assertion met with raised eyebrows on Capitol Hill. House Financial Services Committee Chairman Barney Frank (D, Mass.), chief architect of financial-overhaul legislation in that chamber, said in an interview he was “highly skeptical.”