Romney, Obama disagree on Wall Street reform

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Associated Press

Posted on October 3, 2012 at 7:32 PM

Updated Wednesday, Oct 3 at 8:05 PM

DENVER (AP) — President Barack Obama and Republican rival Mitt Romney are sparring over federal regulations that restrict Wall Street and financial institutions.

Romney is softening his usual anti-regulatory rhetoric, saying government rules are essential in a free economy. But he says the Dodd-Frank law that targeted the financial industry in the wake of the 2008 financial crisis was a mistake.

Romney says the law has "unintended consequences" because it allows banks to grow to the point that they are too big to fail. He says the law's mortgage requirements don't help homeowners.

Obama asks whether anyone thinks the financial crisis occurred because of too much oversight and Wall Street regulation. He says anyone who thinks that was the cause should vote for Romney.

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