Wall Street has strongly shifted its support in favor of Mitt Romney's presidential campaign, but the Obama administration is trying to turn the massive loss of support into an advantage.
Wall Street has strongly shifted its support in favor of Mitt Romney’s presidential campaign, but the Obama administration is trying to turn the massive loss of support into an advantage.
Despite Romney’s cash haul from the country’s financial sector, Treasury Secretary Timothy Geithner struck a calm and matter-of-fact tone Wednesday about why this group of donors has fled the president’s camp.
“I can’t really speculate on their motives, but I suspect it’s because they believe that they are more likely to get a more favorable hearing in terms of relaxing these reforms if the Republicans have a stronger hand in Washington,” said Geithner, speaking at an event held at the Council on Foreign Relations.
“I don’t think they’ll be successful, by the way, just because I think that the core [financial sector] reforms—we’re going to fight to preserve them, we’re going to fight to keep them, and there’s an overwhelming and compelling case to do so,” he added.
According to a Politico analysis, Romney’s presidential campaign and its associated Super PAC have outraised President Obama more than sevenfold, $37.1 million to $4.8 million, among donors from the financial sector. This includes 19 donors who donated to the Obama campaign in 2008.
During his remarks Wednesday, Geither also warned of the prospect of a president “soft on Wall Street.”
“I think anybody responsible for governing the country would have a huge stake in preserving these core reforms. Because why would they want to leave the country vulnerable?”
Geithner also showed his cool in the face of crisis abroad, seemingly unshaken by the potential fracture in the eurozone, expressing optimism that the European Union will remain together.
“Does Europe have the ability economically and financially to make it work? I think they do,” he told the audience.