Obama Opposes House GOP Financial Regulation Bills

WASHINGTON October 29, 2013 (AP)

The White House says it opposes legislation in the Republican-controlled House that would exempt certain financial transactions used by banks from falling under the provisions of a 3-year-old law passed in response to the 2008-2009 financial crisis.

The White House stopped short of threatening a presidential veto, but says that regulators should be permitted to complete new financial rules before new attempts to amend the regulations. The proposed legislation would allow certain risky bank trades to retain the protections of the Federal Deposit Insurance Corporation.

The White House did threaten to veto another House bill that would delay the Labor Department from issuing a rule designed to protect consumers in their investments, particularly their retirement savings. Republicans first want to determine whether the rule would hurt retail investors.