Wall Street Slams NY Lawmakers Over Sovereign Debt Bill
- New York state politicians unveil updated proposal in Albany
- Investor trade groups warn of unintended consequences of bill
Kathy Hochul
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Tension is rising between Wall Street and New York lawmakers over a state bill meant to overhaul the process of re-negotiating defaulted government debt.
Lawmakers in Albany unveiled the Sovereign Debt Stability Act on Wednesday, a bill that stands to ramp up oversight on how debt from defaulted nations is restructured with creditors. Just minutes before the official announcement, though, a cohort of trade organizations came out strongly opposing the proposal.