President Barack Obama's regulatory crackdown on banks was met with international scepticism yesterday ahead of another tumultuous week for his administration, one in which the country's top two economic officials will face congressional scrutiny.
Senior Wall Street figures heading to Switzerland for the World Economic Forum in Davos are preparing to use the summit to lobby against a rigorous global implementation of Mr Obama's plan to cap the size and trading activity of banks.
“It's not about being too big, but about the interconnections,” said one American banker. US executives said they would push quietly against the reforms to avoid giving Mr Obama the “fight” he promised last week.
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