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Is Obama ditching his challenge to Wall St?

Business Times - 16 Jun 2009


Is Obama ditching his challenge to Wall St?

He and his aides may be embracing a more gentle approach to financial system reforms

By LEON HADAR
WASHINGTON CORRESPONDENT

AGAINST the backdrop of economic crisis and Washington's decision to bail out some of Wall Street's leading financial institutions earlier this year, there were expectations that the Obama administration would respond to rising populist sentiments with ambitious proposals to enforce tough federal government regulations on the financial system.

Some even thought that this would include direct intervention in corporate pay decisions and the creation of a powerful government regulatory agency.

President Barack Obama is expected to announce this week his plan to overhaul regulation of America's chaotic financial system. The conventional wisdom in Washington and Wall Street now is that the administration and Congress will probably adopt measures that would allow the government to liquid…