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Larry Summers Claims Lobbyists Are Slowing Down Financial Reform

February 9, 2010 4:27 PM EST
In an interview with Fox Business Network, top White House economic advisor Larry Summers said that the problem facing the process of financial regulatory reform is the lobbyists in Washington with their voices in the ear of too much of the legislative process.

Speaking on the creation of jobs to stimulate the economy, Summers stated that making small business, energy investments and infrastructure will be the key.

"That's why the President is urging a set of tax measures to increase their incentives," Summers said. "We need to act in several different ways."

Summers also iterated that the moves made by President Barack Obama were needed to secure the safety of the big financial institutions and that the administration has not overreached to try and get too much done too fast.

"The problem is that, frankly, there are three lobbyists hired by financial institutions for every single member of Congress and that's what's slowing it up and that's why the President is trying to change the character of our politics," said Summers.

When asked if the Bush tax cuts being repealed later this year on the richest Americans will in fact hurt the germination of jobs in the country, Summers simply said that there is always someone arguing everything, before stating that the plan by the current administration is in fact the correct avenue for job creation.


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