Consumer groups warn about weakening financial regulations – Tim Darragh (The Morning Call – PA)

December 6, 2011

“A team of consumer groups warned Tuesday that lobbying by Wall Street could weaken proposed regulations designed to guard against the kind of abusive investment practices that crushed the Bethlehem Area School District in recent years. Speaking at a teleconference, representatives of the Consumer Federation of America, the AFL-CIO, Americans for Financial Reform and Pennsylvania Auditor General Jack Wagner said well-financed lobbies are working to disarm regulations initially designed to rein them in. In some cases, the consumer groups said, opponents of stronger limitations on the use of derivatives by local governments want to make it too easy for the financially overmatched local agencies to sign away their protections.” Click here for more.