WASHINGTON – Mayor Bloomberg aired his fears over financial reform to Treasury Secretary Timothy Geithner yesterday, but he was told the Obama administration is pressing ahead with a tough package.
“The secretary told Bloomberg it’s better for New York that the reforms pass,” a senior administration official told the Daily News.
“People are angry and until those people, including New Yorkers, see real reforms, they are going to stay angry,” the official added.
Bloomberg previously had said he agrees with 90% of President Obama’s reform package.
But he said two measures would unfairly hurt Wall Street and the city’s economy – restrictions on types of trades big banks can do and limits on the size of financial companies.
Treasury officials defended the reforms and politely rebuffed the mayor, the source said. Bloomberg, who met behind closed doors with Geithner in Washington, seemed to get the message that momentum in Congress is on the side of passing a bill with sweeping reforms, the senior source said.
The mayor also indicated “he wants to work with us,” the source said.
Bloomberg spokesman Stu Loeser appeared to agree. “There’s a lot we support and a few things we don’t, and we remain committed to helping come up with a final bill that protects consumers and New York City,” Loeser said.
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