Tags: US | NYC | Mayor | Wall | Street

NYC Mayor Defends Wall Street Before Obama Visit

Wednesday, 21 Apr 2010 04:05 PM


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New York City's billionaire mayor has become Wall Street's spokesman and defender as Congress debates sweeping legislation aimed at guarding against another financial meltdown.

President Barack Obama is set to visit the city this week to push for passing new financial reforms.

Meanwhile, Mayor Michael Bloomberg has been arguing too much regulation could endanger the economy instead of protect it.

Bloomberg got his start on Wall Street and built his fortune after founding the financial information company Bloomberg LP.

He actually agrees with much of the reform bill. But he warns against measures he says could drive business out of the United States.

He also opposes a tax on bank liabilities and a tax on Wall Street bonuses that aren't in the reform legislation.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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