Tags: US | Financial | Overhaul | Summers

Obama Adviser: New Rules Would Have Avoided Crisis

Monday, 26 Apr 2010 08:49 AM

President Barack Obama's chief economic adviser says he thinks that the financial overhaul bill that senators are considering would have prevented the meltdown that began in 2008.

Lawrence Summers says that if the rules sought by the bill had been in place, there wouldn't have been the problems that led to the meltdown. He cites subprime mortgages and practices that led to taxpayer bailouts.

Summers says those issues are addressed by the bill.

Republicans argue that the Democratic-backed overhaul could make bailouts more likely and could unfairly restrain some aspects of the financial system.

Summers appeared Sunday on CBS's "Face the Nation."

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