Financial Watch

“The battle over reshaping the country’s financial regulation escalated on several fronts Wednesday, with President Obama stepping up his personal efforts to win Senate passage of an ambitious bill while senators from both parties fought to claim the anti-Wall Street mantle. After a White House meeting between Obama and congressional leaders, Republican leaders criticized the Democrats’ proposal for leaving the door open to future bailouts of big financial firms. But the president, who has turned his attention to the financial overhaul after winning passage of health-care legislation, said he was confident that a bipartisan bill could be worked out to ensure that the economy is protected from the collapse of large financial companies.”

U.S President Barack Obama will try to turn up the pressure for an overhaul of Wall Street regulations as he meets on Wednesday with top Democratic and Republican lawmakers to discuss a sweeping package of reforms.

Republicans are seizing on a provision that would allow regulators to step in to dismantle large, troubled firms. They argue that would set the stage for “endless” bailouts of Wall Street, a claim the White House says is false.

The White House meeting, at 10:45 a.m. (1445 GMT), will include Senate Republican leader Mitch McConnell and House Republican leader John Boehner. Obama’s Democrats will be represented by Senate Majority Leader Harry Reid, House of Representatives Speaker Nancy Pelosi and House Democratic leader Steny Hoyer.