Obama adviser tells Reuters to expect action on Wall Street rules

On August 11 Austan Goolsbee, a top economic adviser to Democratic hopeful Barack Obama, told Reuters that the candidate views an overhaul of Wall Street regulations as crucial to restoring trust in U.S. markets and could move early on it if he wins the White House. The housing-market meltdown and credit crisis that have pushed the U.S. economy to the brink of a recession have fostered debate in Washington over how U.S. regulations could be revamped to head off future crises. Some in the industry warn that too strict a regulatory structure would stifle innovation and cause a shifting of activity to overseas markets. Goolsbee told Reuters he believed that a proper balance can be found and a sensible plan would help markets function more smoothly.