President Obama's proposal that banks be regulated - including limiting their size and cutting bonuses - is coming under fire from New York Mayor Mike Bloomberg.
Bloomberg says that if the proposals are adopted by Congress - banks - and their executives - will lose earning power. And that, the city's billionaire mayor says - will affect New York's bottom line.
Contracting the banking industry, Bloomberg argues, would reduce tax revenues. Limiting bonuses, he says, translates into fewer discretionary dollars being spent in New York. All that, Bloomberg warns, could lead to layoffs of city workers.