President Obama is traveling to the shadow of the Washington Memorial on Thursday to counter what he calls "the furious efforts of industry lobbyists" trying to weaken or kill new governmental regulations that he says are needed to stave off a second Revolutionary War.
As the Senate debates how to rewrite rules governing the Congress and the President, Mr. Obama will lay out the elements he insists must be in any legislation to get his signature. Among them are more taxpayer protections, limits on the size of government and the amount of taxes and other fees it may impose, reforms on Congressional compensation and greater transparency for controversial governmental procedures known as earmarks.
Sound too good to be true? It is. This is how the original story from the NYTimes read:
Obama Lays Out Demands for Regulating Financial Industry
President Obama is traveling to the shadow of Wall Street on Thursday to counter what he calls "the furious efforts of industry lobbyists" trying to weaken or kill new financial regulations that he says are needed to stave off a second Great Depression.
As the Senate debates how to rewrite rules governing the financial industry, Mr. Obama will lay out the elements he insists must be in any legislation to get his signature. Among them are more consumer protections, limits on the size of banks and the risks they can take, reforms on executive compensation and greater transparency for controversial securities known as derivatives.
Perhaps Obama and the Congress should consider the former before they attempt the latter.
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