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Obama's Treasury Dept. Works Against Volcker-Lincoln Reform Common Dreams (press release)

14.06.10

A Senate proposal to force banks to shed their lucrative yet risk-laden derivatives units -- which is vehemently opposed by Wall Street -- is gaining steam, picking up the support of some regional Federal Reserve chiefs with more on the way.

Yet President Barack Obama's Treasury Department, led by Timothy

"It shows the access of the major Wall Street banks in the Treasury

Senate aides say that more letters of support from other regional Fed presidents are on the way.

Treasury is joined in its opposition to the measure by the Federal

Meanwhile, supporters include the longest-serving

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