Biden to the rescue: VP promises to stop finacial reform cynics

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WASHINGTON — US Vice President Joe Biden warned Tuesday the Obama administration would not let “powerful,” “cynical” foes block its financial reform plan, including the regulation of “shadowy” derivatives.

Biden waded into the building confrontation over Obama’s next big-ticket domestic agenda item at a Brookings Institution forum, in a speech about restoring the prosperity of America’s middle classes.

He promised “new rules for derivatives that bring the light of day into that shadowy risky market,” and measures designed to limit the systemic risk of interconnected banks “dragging down the market” again.

The bill would end the practice of hiding “opaque derivatives in invisible accounts” so investors “can once again receive clear transparent price signals they need in order to function efficiently,” Biden said.

Full story: Biden vows to stop ‘cynical’ foes derailing finance reform via AFP