Wall Street regulation: White House predicts Wall Street regulatory reform this year

WASHINGTON, (KUNA): Wall Street regulation: White House predicts Wall Street regulatory reform this year. Financial regulatory reform, to prevent a recurrence of Wall Street abuses blamed for the worst U.S. recession since the 1930s, will be in place this year, White House spokesman Robert Gibbs predicted on Thursday.

Senator Chris Dodd, chairman of the Senate Banking Committee, will introduce legislation that can be marked up prior to the upcoming spring congressgional recess "so that we can move this process forward," Gibbs said at a White House briefing.

"We are still very optimistic that this can get done," Gibbs said, when reminded of health care, carbon cap-and-trade, immigration and other legislation on the congressonal agenda this year. "I think this will get done this year." While presuming "a myriad of amendments" on different aspects of the financial regulation overhaul package, Gibbs said he does not believe any member of Congress would want to finish this year without putting in place "new rules that would prevent the same type of reckless activity that got us in the mess to begin with." Gibbs was referring to the Wall Street collapse in 2008.

"Given what the American people have lived through, as a result of that economic collapse, I do not believe many (in Congress) are going to want to go home and face voters next November not having done something, as it relates to those rules," Gibbs said.