Obama Warns He'll Veto Bill Delaying Volcker Rule

Jan 13 2015 | 1:01pm ET

U.S. President Barack Obama is prepared to fight for his administration's financial reforms.

The White House warned on Monday that the president is prepared to veto any Republican-backed legislation in the House of Representatives seeking to water down those reforms—including the Volcker rule.

Republicans, who now control both houses of the U.S. Congress, have had the 2010 Dodd-Frank financial reform law in their sights since it was introduced. Since taking control of the both houses of Congress in the recent mid-term elections, they've introduced a bill that would tinker with several regulations, most notably the Volcker rule (named for former Federal Reserve chair Paul Volcker) which forbids banks from making risky bests with their own money.

The new legislation would delay a provision applying to collateralized loan obligations for two years.

"These reforms help protect hard-working families in everything from saving for retirement to the ability of small businesses to access credit through a stable financial system," the White House said in a statement announcing the veto threat.

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