Business and Civic Leaders Send Letter to Congressional Delegation

New York City business leaders sent a letter to New York’s congressional delegation expressing opposition to some financial regulations proposed in Washington.

“New York has the most to lose if reform diminishes the nation’s financial industry or damages its premiere institutions,” the letter, dated today, says. Singled out for opposition are measures “that would restrict the ability of U.S. banks to participate in important lines of business or expose them to extraordinary compliance cost and liabilities – would further damage the New York economy and even jeopardize America’s standing as the world’s leading economic power.”