COBOL is primarily used in finance and administration systems for financial services companies and governments.
In three areas, consumer protection, restricting banks from using their own money to make bets in the market, and dealing with failing institutions that threaten the financial system, administration officials suggested that they were inclined to favor provisions in the Senate version over those of the House bill, which was passed in December.
WASHINGTON — The Treasury Department on Wednesday officially abandoned the original strategy behind its $700 billion effort to rescue the financial system, as administration officials acknowledged that banks and financial institutions were as unwilling as ever to lend to consumers.
Mr. Volcker, a former Federal Reserve chairman, told Congress that by designating some companies as critical to the broader financial system, the administration's plans would create an expectation that those companies enjoy government backing in tough times.
In its proposal for overhauling the financial system, the administration has called for necessary, though modest, changes in how private investment groups do business — mainly giving more power to regulators to examine their books and to compel disclosures to investors.
In enlisting Herbert M. Allison Jr., a former executive who helped the Bush and Obama administrations rescue the financial system, the White House indicated some concern that it needed to get out ahead of the Congressional investigation into the loan portfolio of the Department of Energy and, in particular, the half-billion-dollar loan to the California manufacturer, Solyndra.
On Wednesday, President Obama will lay out the details of his administration's plan to remake the financial regulatory system.
THE Obama administration has proposed sweeping changes to our financial regulatory system.
He also took issue with a central piece of the Obama administration's proposal regarding the country's financial regulatory system.
It is the case too, in the reforms to the banking and financial system that the administration is pushing through Congress.
