The last two years of Obama’s presidency will largely be defined by his defense of key legislation: the Affordable Care Act, caps on carbon emissions and Dodd-Frank. While the broad shape of the first two battles is already known, the war on financial regulation, because of its abstract nature, will often be waged outside of the public eye. In his State of the Union Address last week, Obama said he plans to veto future provisions that would unravel his regulations of Wall Street. These words are welcome, though not as strong as Elizabeth Warren’s call to go on the offensive against the bank lobby. If Obama sticks to his promise, he’ll have a lot of fighting to do, because Republicans are itching to repeal his most important financial reform legislation.
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