BUSINESS
08/24/2009 05:12 am ET Updated May 25, 2011

Turf War Over Financial Oversight Plays Into Hands Of Lobbyists

WASHINGTON -- The Obama administration scrambled on Friday to defend major elements of its plan to overhaul the nation's financial regulatory system in the face of significant criticism from lawmakers, the financial services industry, and even senior regulators whose authorities would be eliminated under the proposal.

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