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Wednesday, June 02, 2010

Abby Worries Over Financial Reform Proposals

News summary by MFWire's editors

Fidelity scion Abby Johnson, State Street CEO Jack Hooley and other Massachusetts business bigwigs have talked to Rep. Barney Frank (D-MA) about their concerns over some financial reform proposals, The Boston Herald reports.

Frank, who chairs the House Financial Services Committee, told the paper that Fidelity and Liberty Mutual worry about provisions that could brand them as "systemic risks" due to their heft. In addition, the firms are concerned that they they could be slapped with new fees and restrictions on limited-purpose trusts.

The lawmaker said the firms "may not get 100 percent of what they want," but added that he's confident their chief concerns will be addressed in a final legislation.

According to Frank, a final bill will be ready for President Obama's signature by the Fourth of July. 

Edited by: Armie Margaret Lee

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