- The Washington Times - Sunday, April 25, 2010

WASHINGTON (AP) — President Obama’s chief economic adviser said Sunday he thinks the financial overhaul bill that senators are considering would have prevented the meltdown that began in 2008.

Lawrence H. Summers, director of the National Economic Council, said that if the rules sought by the bill had been in place, there wouldn’t have been the problems that led to the meltdown. He cited subprime mortgages and practices that led to taxpayer bailouts.

Mr. Summers said those issues are addressed by the bill.

TWT RELATED STORY: GOP vows to stall Wall Street reform bill

Republicans argue that the Democratic-backed overhaul could make bailouts more likely and could unfairly restrain some aspects of the financial system.

Mr. Summers appeared on CBS’ “Face the Nation.”

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