Obama leans on banking sector to support new regulations; Citi to repay bailout funds
US President Barack Obama has called on bank executives to support new, tighter rules on the banking sector, but bankers told Obama not to oversimplify their fears if he expects them to help. And he can stop calling them “fat cats” for a start. The Obama administration wants Wall Street to back its proposed consumer protection agency in financial areas that have already been okayed by the House of Representatives (though not the Senate). Meanwhile, Citigroup said it is repaying $20 billion in bailout cash it received from the Treasury, as part of an effort to reduce the government’s power over the bank. The government will also sell its preferred stock holdings in the company. Wells Fargo is the last national bank to pay back its bailout. For more, read the AP
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