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Summers: banks must accept gov’t. regulation

Published 10/16/2009, Associated Press

A top White House official called on financial institutions to accept new rules in order to help the economic system avoid future “devastating consequences for workers, consumers and taxpayers.” “Financial institutions that have benefited from government support can, should, and must use this moment to think about what they can do for their country — by accepting the necessary regulation to protect the American people,” White House chief economic adviser Lawrence Summers said Friday,

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