On Paper, Wall Street Gets Its Way

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One change Wall Street wants is for regulators to shift from policing the industry with hard and fast rules — do this, don’t do that — to using looser “principles” that might be open to interpretation. Another is to modernize the hodgepodge of state and federal regulators that sometimes overlap and compete with one another. Paulson’s plan would take a step toward both of these changes.

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At www.nytimes.com

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