Top White House economic advisor Larry Summers spoke with FOX Business Network’s Liz Claman about the state of the economy and said that the problem in passing financial regulatory reform is that there are too many lobbyists slowing down the process.
Below are excerpts from the interview; Courtesy of Fox Business Network
On whether the administration has been overreaching with trying to do too much too quickly:
“Overreaching—that’s the first time I’ve heard that. Is there anyone who doesn’t think we need a system so that the failure of a big financial institution can be managed? The problem is that, frankly, there are three lobbyists hired by financial institutions for every single member of Congress and that’s what’s slowing it up and that’s why the President is trying to change the character of our politics.”
On the fastest way to create more jobs:
“Helping small business. That’s why the President is urging a set of tax measures to increase their incentives…We need to act in several different ways, but small business, energy investments, infrastructure—these are important priorities.”
On the argument that the Bush tax cuts do in fact spur the economy:
“Of course there are people who argue that. There are people who argue almost anything. The President’s budget, though, is focused on doing things that will have the maximum inpact. Rewarding people directly for hiring workers.”
On whether there have been meetings with President Obama discussing the fragility of the global economy:
“We’re obviously monitoring the situation closely…Secretary Geithner who takes the lead on these issues as Secretary of the Treasury for the administration met with his European counterparts in Canada this weekend…the Europeans indicated that they recognized how important this was and felt a responsibility for the situation.”
