Mayor hopes Obama's 2nd term proves fruitful for funding

As he looks ahead to President Barack Obama's second term, Mayor Rahm Emanuel expects funding for roads and mass transit and a push for education reform to be high on the White House's to-do list.

Not surprisingly, those agenda items also are close to Emanuel's heart.

"As a mayor, one of the key goals the president mentioned, as you know I talked a lot about investing in our infrastructure so we can grow our economy," Emanuel said late Tuesday at McCormick Place. "And the president has committed as part of his jobs plan and economic plan to invest in our roads, our bridges, our airports, our mass transit."

The perception endures that local governments benefit from close relationships with federal officials when largesse flows from Washington, D.C., to cities and states. Emanuel is particularly tight with Obama, having served as his chief of staff before returning to their shared hometown to run for mayor.

Emanuel also was a key campaign surrogate for Obama, traveling to Florida and Ohio on his behalf in recent weeks, raising money for an Obama-aligned super PAC and appearing repeatedly on Sunday morning talk shows to make the president's case.

"I don't think it's an overstatement to say there is no mayor in America that has a better link to the White House than Mayor Emanuel. But that's self-evident," said Ald. Edward Burke, 14th, when asked whether Obama's Tuesday win strengthens the mayor.

Ald. Patrick O'Connor, 40th, the mayor's City Council floor leader, said Obama may be in a better position to loosen the federal purse strings in a second term.

"I think that from the standpoint of a president now who isn't looking at a re-election coming up in his rearview mirror all the time, he might be a little more free to do things for the entire country," O'Connor said. "I would hope that would include Chicago."

Emanuel has worked hard to position himself as a mayor who builds things. He formed an infrastructure trust to find ways for moneyed interests to back public projects while getting a return on their investments. And he raised water and sewer fees as a way to pay for a makeover of Chicago's aging underground pipes.

Among recent federally funded infrastructure projects, dozens of miles of the city's arterial streets were resurfaced using federal stimulus money after Obama took office. Stimulus money helped pay for the $20 million revamp of Congress Parkway in the South Loop. And the $133 million Englewood Flyover rail bridge project was covered almost entirely by federal money.

But Emanuel has expressed disappointment with the piecemeal nature of federal funding programs. He hopes that changes in Obama's second term.

"I've been talking about that, it's key for our economic growth, it's key for our job creation," the mayor said. "And that would be helpful if we got an infrastructure, highway, mass transit bill that cities like Chicago, cities across America, regardless of size, will have the investments necessary to move their economies forward."

Among the major transportation projects the mayor hopes to find federal funding for is the extension of the Red Line from 95th Street to 130th Street. Estimates in recent years have put the price tag for that undertaking at more than $1.4 billion.

In addition, Emanuel said he expects Obama to continue "strengthening education, and pushing even further on Race to the Top." Emanuel helped design the president's signature national education initiative, which requires school districts to compete for funding.

Tribune reporter Hal Dardick contributed.

jebyrne@tribune.com

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Galaxy S3 takes No. 1 position in smartphone market: research

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How South Korea’s Dark Oscar Entry ‘Pieta’ Cut Out Producers, Investors

LOS ANGELES (TheWrap.com) – By his 15th film, Kim Ki-duk, the director of South Korea‘s Best Foreign Picture Oscar entry “Pieta,” was sick of money shaping his cinematic vision.

The director, who told an audience at the Landmark Theatre that he tries in his movies to ruthlessly dissect society with all its nuances and complexities, said he didn’t want Hollywood-type producers and investors telling him how to fashion his films.

“It’s very formulaic. Film dramas, action movies – the structure is very simple, in the end, good prevails over evil,” Kim told TheWrap‘s Steve Pond at the kickoff of TheWrap’s Foreign Screening Series Monday night. “I consciously have tried to get out of the major system. … Once I had money, after that I used my own money.

“I don’t want to have producers or investors tell me what to do,” he added. “I want to maintain the same autonomy.”

“Pieta” follows a local money lender‘s thuggish enforcer, whose life changes when a woman arrives claiming to be his mother. Notorious in his impoverished neighborhood for crippling shop-owners who are unable to pay back their debt and interest on time, Lee Kang-do soon loses his hard exterior as he experiences maternal coddling for the first time.

Before the projector started rolling, Pond – at Kim’s behest – warned the audience that the first 20 minutes would contain violence that may be difficult to stomach. Indeed, it was easy to see how Kim’s producers might try to dilute the disturbing images and scenes he shoots.

The film, Kim told the audience through a translator, cost $ 100,000 to make. It earned $ 1 million in Korea alone.

“I’m going to distribute half of that to my staff members,” he said. “And half will go to the next film.”

Kim, who began his career as a screenwriter and studied art for three years in Paris, sees himself as an everyman director, more interested in cinema than profits.

“Pieta” reflects the changing culture of his native land and the economic woes the global recession brought on Korea’s poor. In the film, high-rises sprout from one side of the city – the sort of neighborhood parodied in Psy’s “Gangnam Style” music video – the other is still congested with trash and small shacks.

He explained that in Korea’s capital of Seoul, Gangnam means “south of the river.” North of it, where the working-class lives, is Gang-buk.

“That’s where working-class, people like me, regular people, live,” he said. “There are two lifestyles and classes.”

Kim said his next movie will similarly critique 21st century life – with its speedy pace and rapid international trading – which he described as “cannibalistic.”

“My next film is again my question about, what is modern society?” he said. “I believe that modern society is some sort of cannibalistic society. Through money, money forms this huge structure.”

He said his future movies, like the past 18 he has made, will likely feature strong female characters, too.

“Korean women suffered a lot. It’s a long history of suffering,” Kim said. “Korean women are known for having very, very intense energy and warm motherly love. However their status and their images are not really intact. They’ve been harmed; they’ve been abused a lot.”

“Pieta” certainly doesn’t pull punches – the film features a rape scene, and numerous women are left weeping over their sons or husbands when Kang-do shatters their bodies.

“The images you see in my films, they make you uncomfortable, they’re violent, but that’s the reality,” he said.

But those images, he said, will almost certainly make his movie a longshot to land an Oscar nomination, something no Korean film has ever done. “If you look at the films that win, they are the ones that make you feel good,” he said. “My films are not like that.”

Movies News Headlines – Yahoo! News

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Recipes for Health: Cabbage, Onion and Millet Kugel — Recipes for Health

Andrew Scrivani for The New York Times

Light, nutty millet combines beautifully with the sweet, tender cabbage and onions in this kugel. I wouldn’t hesitate to serve this as a main dish.

 

1/2 medium head cabbage (1 1/2 pounds), cored and cut in thin strips

Salt to taste

2 tablespoons extra virgin olive oil

1 medium onion, finely chopped

1/4 cup chopped fresh dill

Freshly ground pepper

1 cup low-fat cottage cheese

2 eggs

2 cups cooked millet

 

1. Preheat the oven to 375 degrees. Oil a 2-quart baking dish. Toss the cabbage with salt to taste and let it sit for 10 minutes.

2. Meanwhile, heat 1 tablespoon of the oil over medium heat in a large, heavy skillet and add the onion. Cook, stirring, until it begins to soften, about 3 minutes, then add a generous pinch of salt and turn the heat to medium-low. Cook, stirring often, until the onion is soft and beginning to color, about 10 minutes. Add the cabbage, turn the heat to medium, and cook, stirring often, until the cabbage is quite tender and fragrant, 10 to 15 minutes. Stir in the dill, taste and adjust salt, and add pepper to taste. Transfer to a large bowl.

3. In a food processor fitted with the steel blade, purée the cottage cheese until smooth. Add the eggs and process until the mixture is smooth. Add salt (I suggest about 1/2 teaspoon) and pepper and mix together. Scrape into the bowl with the cabbage. Add the millet and stir everything together. Scrape into the oiled baking dish. Drizzle the remaining oil over the top and place in the oven.

4. Bake for about 40 minutes, until the sides are nicely browned and the top is beginning to color. Remove from the oven and allow to cool for at least 15 minutes before serving. Serve warm or at room temperature, cut into squares or wedges.

Yield: 6 servings.

Advance preparation: The cooked millet will keep in the refrigerator for 3 to 4 days and freezes well. The kugel will keep for 3 days in the refrigerator. Reheat in a medium oven.

Nutritional information per serving (6 servings): 195 calories; 7 grams fat; 1 gram saturated fat; 1 gram polyunsaturated fat; 4 grams monounsaturated fat; 64 milligrams cholesterol; 23 grams carbohydrates; 4 grams dietary fiber; 148 milligrams sodium (does not include salt to taste); 10 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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What electricity aggregation means for your bill

Voters in 81 communities in Commonwealth Edison's service territory voted Tuesday to allow their local governments to shop for electricity on their behalf.

Vote totals are being tallied, but early results indicate that measures to allow so-called electricity aggregation passed in the vast majority of communities, including Chicago.

Illinois consumers have been allowed to shop for electricity for more than a decade, but the concept didn't take off until 2011, when legislators enacted a law allowing municipalities to negotiate for better rates on behalf of residents.

If your town voted yes to aggregation, here's what you need to know:

The switch to a new supplier won't happen right away.

Even with referendum passage, the process is just beginning. Communities need time to invite suppliers to bid, create a plan of governance, reach out to residents, choose a supplier and provide an opt-out period. Based on past deals, you can expect to be switched over to a new supplier sometime from January to March.

You will have an opportunity to opt out.

Check your mailbox in the coming months for instructions from your municipality about how to opt out of the program. If you opt out, you will remain with ComEd or you can shop for electricity on your own.

You can do nothing.

Unless you opt out, you will be automatically switched to the supplier your municipality chooses. Excluded are customers who have switched to suppliers of their own choosing or who are on an alternative pricing plan with ComEd. In general, those customers have not been included in aggregation deals.

You are a ComEd customer.

ComEd is responsible for delivering your electricity and keeping the lights on, regardless of who supplies your power. ComEd, a "wires only" utility, makes its money from delivering electricity, not from supplying it. Your new bill will look like your old bill, except that the portion titled "electricity supply services" will have a new rate and include the new supplier's name.

You are not alone.

Residents of 175 ComEd communities have switched suppliers and have cut their bills about in half through May 2013, paying an average of 4.83 cents per kilowatt-hour.

Customer beware, you may not save money.

Electricity pricing is constantly changing, and deals that look good now may not look great later. Several municipalities are locked into 12- and 24-month contracts with alternative suppliers that are higher than what consumers could find by shopping on their own, and they come with early termination fees. Some towns have not required suppliers to beat ComEd's prices if they drop below current rates. Some have customers automatically stay on with a supplier after a contract expires, even if rates increase.

Expect to be popular.

Electricity suppliers will hound you to pick them and opt out of aggregation. In the process, savvy consumers may be able to snag discounts on hotels and restaurants. But if you plan to shop, refer to the Illinois Commerce Commission (pluginillinois.org), Power2Switch (power2switch.com) and the Citizens Utility Board (citizensutilityboard.org).

Beware of scammers.

About 44 percent of people know nothing about electricity aggregation, according to a recent poll, which can make them ripe for victimization by scammers and identity thieves. You do not have to sign anything or provide personal information to be part of municipal aggregation.

SOURCES: City of Chicago, Power2Switch, Citizens Utility Board, Commonwealth Edison, Environmental Law & Policy Center

jwernau@tribune.com

Twitter @littlewern

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OBAMA VICTORY SPEECH: 'THE BEST IS YET TO COME'

WASHINGTON — His lease renewed in trying economic times, President Barack Obama claimed a second term from an incredibly divided electorate and immediately braced for daunting challenges and progress that comes only in fits and starts.

"We have fought our way back and we know in our hearts that for the United States of America, the best is yet to come," Obama said.

The same voters who gave Obama another four years also elected a divided Congress, re-upping the dynamic that has made it so hard for the president to advance his agenda. Democrats retained control of the Senate; Republicans renewed their majority in the House.

It was a sweet victory for Obama, but nothing like the jubilant celebration of four years earlier, when his hope-and-change election as the nation's first black president captivated the world. This time, Obama ground out his win with a stay-the-course pitch that essentially boiled down to a plea for more time to make things right and a hope that Congress will be more accommodating than in the past.

The vanquished Republican, Mitt Romney, tried to set a more conciliatory tone on the way off the stage.

"At a time like this, we can't risk partisan bickering," Romney said after a campaign filled with it. "Our leaders have to reach across the aisle to do the people's work."

House Speaker John Boehner spoke of a dual mandate, saying, "If there is a mandate, it is a mandate for both parties to find common ground and take steps together to help our economy grow and create jobs."

Senate Republican Leader Mitch McConnell had a more harsh assessment.

"The voters have not endorsed the failures or excesses of the president's first term," McConnell said. "They have simply given him more time to finish the job they asked him to do together" with a balanced Congress.

Obama strong in battleground states

Obama claimed a commanding electoral mandate — at least 303 electoral votes to 206 for Romney — and had a near-sweep of the nine most hotly contested battleground states.

But the close breakdown in the popular vote showed Americans' differences over how best to meet the nation's challenges. With more than 90 percent of precincts reporting, the popular vote went 50 percent for Obama to 48.4 percent for Romney, the businessman-turned-politician who had argued that Obama had failed to turn around the economy and said it was time for a new approach keyed to lower taxes and a less intrusive government.

Obama's re-election assured certainty on some fronts: His signature health-care overhaul will endure, as will the Wall Street reforms enacted after the economic meltdown. The drawdown of troops in Afghanistan will continue apace. And with an aging Supreme Court, the president is likely to have at least one more nomination to the high court.

The challenges immediately ahead for the 44th president are all too familiar: an economy still baby-stepping its way toward full health, 23 million Americans still out of work or in search of better jobs, civil war in Syria, an ominous standoff over Iran's nuclear program, and more.

Sharp differences with Republicans in Congress on taxes, spending, deficit reduction, immigration and more await.

And even before Obama gets to his second inaugural on Jan. 20, he must grapple with the threatened "fiscal cliff" — a combination of automatic tax increases and steep across-the-board spending cuts that are set to take effect in January if Washington doesn't quickly come up with a workaround budget deal. Economists have warned the economy could tip back into recession absent a deal.

Despite long lines at polls in many places, turnout overall looked to be down from four years ago as the president pieced together a winning coalition of women, young people, minorities and lower-income voters that reflected the country's changing demographics. Obama's superior ground organization in the battleground states was key to his success.

'You have made me a better president'

The president's victory speech — he'd written a concession, too, just in case — reflected the realities of the rough road ahead.

"By itself the recognition that we have common hopes and dreams won't end all the gridlock, or solve all our problems or substitute for the painstaking work of building consensus and making the difficult compromises needed to move this country forward," Obama said.

Read More..

Move over, Obama; Twitter had a big night too

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TV networks to staff: watch what you tweet on Election Day

LOS ANGELES (Reuters) – U.S. television networks face a new challenge in covering this year’s excruciatingly close presidential election: prevent closely guarded exit poll results from leaking onto Twitter, Facebook and other social media platforms.

The major TV news networks agreed to shield early exit poll data suggesting who is leading in a state until the state’s polls close. That means no tweeting exit polls, posting on Facebook, or re-tweeting figures reported by others.

“We will not either project or characterize a race until all the polls are scheduled to have closed in that state,” said Sheldon Gawiser, director of elections for NBC News.

Election officials worry that leaks could discourage people from voting if they think the race in their state is already decided, depressing the vote count and distorting the results. In 1985, Congress extracted a promise from the major TV networks to refrain from using exit polls to project a winner in a particular state, or to characterize who is leading, while voting continues in that area.

The closeness of this year’s election between President Barack Obama and Republican challenger Mitt Romney has focused attention on key battleground states – such as Ohio, Virginia and Florida – and what their exit polls might signal about who will win the White House.

It has resurrected memories of the disputed 2000 election between Republican George W. Bush and Democrat Al Gore – some media outlets projected a Gore victory in Florida while polls in the western part of the state remained open. The networks later pulled back, leaving doubt about who won and leading to a month of recounts and court battles.

If early results become public, “it can be a real problem,” said Jeff Berkowitz, a Republican strategist who runs Berkowitz Public Affairs. “For somebody who’s got seven things on their list to do that day, and if they’re already being told the election is over, are they really going to prioritize voting over the other six?”

Exit poll data is collected by New Jersey-based Edison Media Research on behalf of the National Election Pool, a consortium of Walt Disney Co’s ABC, News Corp’s Fox, Time Warner Inc’s CNN, Comcast Corp’s NBC, CBS Corp’s CBS and the Associated Press. The media companies use the findings to help them call results in each state, and to inform post-election analysis.

Reuters is not a member of the consortium and collects exit data with market research firm Ipsos. The news organization will not share any exit data before polls close, a Thomson Reuters Corp spokeswoman said.

Smaller news outlets and Internet blogs are not bound by the commitment made by members of the National Election Pool, and could post any exit poll numbers they get their hands on.

In 2004, for example, The Drudge Report posted early results that favored John Kerry. U.S. stocks dipped, and Kerry eventually lost the race, highlighting that early and incomplete results can prove wrong. A representative for The Drudge Report could not immediately be reached by e-mail.

There is no evidence that exit poll results influence voters, but the rise of social media means any leaked data could spread like wildfire.

After leaks in past elections, the big TV networks have taken steps to keep a tighter lid on information. While some findings previously were available as early as 1 p.m. Eastern time, news staff are not to be given an initial look until 5 p.m. – still two hours before the earliest poll closings.

Following a template used in the last three elections, six analysts – one from each news organization in the National Election Pool – will be locked in a “quarantine room” from 11 a.m. to 5 p.m. Eastern time on Tuesday with no phone or e-mail access, Gawiser said. They will conduct preliminary analysis of the data before it is released to staff at the news outlets.

“They cannot talk to us. We don’t know anything about it. We can’t see any of these data until five o’clock,” Gawiser said.

These kinds of restrictions helped keep exit data under wraps in 2008, when Obama defeated John McCain. The race also was not as close as in the two previous elections, or indeed this year’s vote, reducing demand for early information.

This year, the tight race and prevalence of social media increases the risk that data will spread quickly if it leaks, said Tom Rosenstiel, director of the Pew Research Center’s Project for Excellence in Journalism.

“If that were to happen today, with Internet penetration and the speed of social media, that (data) would be known pretty widely,” he said.

(Reporting By Lisa Richwine; Editing by Ronald Grover and Steve Orlofsky)

TV News Headlines – Yahoo! News

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Recipes for Health: Sweet Millet Kugel — Recipes for Health

Andrew Scrivani for The New York Times

Millet, a light, fluffy gluten-free grain that is a good source of magnesium, manganese and phosphorus, lends itself beautifully to both sweet and savory kugels. In fact, this kugel turned me into a millet convert.

 

2/3 cup millet

2 tablespoons unsalted butter

2 cups water

Salt to taste

1 cup cottage cheese

3 eggs

1/4 cup low-fat milk

1/4 cup mild honey or agave nectar

1 teaspoon vanilla extract

1/4 teaspoon freshly grated nutmeg

1/2 cup (3 ounces) diced dried apricots

1/2 cup (3 ounces) raisins (or omit and use all apricots)

Finely grated zest of 1 lemon

 

1. Heat 1 tablespoon of the butter or oil over medium-high heat in a heavy 2- or 3-quart saucepan. Meanwhile, bring the water to a simmer in another saucepan or in the microwave. Add the millet to the heavy saucepan and toast, stirring, until it begins to smell fragrant and toasty, about 5 minutes. Add the boiling water and salt to taste, and bring back to a boil. Reduce the heat to low, cover and simmer 25 to 30 minutes, until the liquid in the saucepan has evaporated and the grains are fluffy. Transfer to a large bowl.

2. Preheat the oven to 350 degrees. Butter a 2-quart baking dish. In a food processor fitted with the steel blade, blend the cottage cheese until smooth. Add the milk, eggs, vanilla and nutmeg and blend until smooth. Scrape into the bowl with the millet.

3. Stir together the millet and cottage cheese mixture. Stir in the apricots, raisins and lemon zest. Scrape into the prepared baking dish. Cut the remaining butter into small pieces and dot the top of the kugel with them. Bake 40 to 50 minutes, until the kugel is set and beginning to color on the top.

4. Remove from the heat and allow to cool for at least 15 minutes (longer if possible) before serving. Serve warm or at room temperature.

Yield: 6 to 8 servings.

Advance preparation: This will keep for 3 or 4 days in the refrigerator. It’s best if you warm it up, either in a low oven or in the microwave.

Nutritional information per serving (6 servings): 306 calories; 8 grams fat; 4 grams saturated fat; 1 gram polyunsaturated fat; 2 grams monounsaturated fat; 105 milligrams cholesterol; 50 grams carbohydrates; 4 grams dietary fiber; 149 milligrams sodium (does not include salt to taste); 12 grams protein

Nutritional information per serving (8 servings): 229 calories; 6 grams fat; 3 grams saturated fat; 1 gram polyunsaturated fat; 2 grams monounsaturated fat; 79 milligrams cholesterol; 37 grams carbohydrates; 3 grams dietary fiber; 112 milligrams sodium (does not include salt to taste); 9 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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After Obama win, eyes turn to fiscal cliff

NEW YORK (Reuters) - U.S. investors will hit trading floors this morning with the same president and the same problems in gridlocked Washington. First up: a looming budget crisis that could send the U.S. economy reeling.

President Barack Obama beat back Republican challenger Mitt Romney to win a second term, but he will still have to contend with a Republican-controlled House of Representatives that could make forging a compromise on pressing issues like the coming "fiscal cliff" difficult.

"There will be an immediate shift to government gridlock and the fiscal cliff issue, and that will be a headwind for stocks," said Michael Yoshikami, chief executive officer and founder of Destination Wealth Management in Walnut Creek, California.

The fiscal cliff is a $600 billion package of automatic tax increases and spending cuts, scheduled to take effect at the end of 2012, that could severely strain economic growth.

Obama is expected to demand tax increases for the wealthy as part of a deal to reduce spending to tackle the nation's deficit. Many investors thought that Romney as president-elect would have had a smoother time in negotiations.

"The real challenge is for (Obama) to bridge the differences with Congress and work to get in the middle," said Jason Ader, a former Wall Street gaming analyst and a Romney supporter.

Steven Englander, Citigroup's head of G10 foreign exchange strategy, said markets could panic toward yearend if it looks as though no deal is imminent to avoid the fiscal cliff.

If that happens, investors will think twice about lending the U.S. government money at low interest rates, which would strain the economy, widen the deficit and hurt the dollar. It also raises the possibility that major credit-rating agencies will cut the U.S. debt rating.

Standard & Poor's stripped the U.S. of its pristine triple-A rating in 2011; the agencies have said they will evaluate budget negotiations and solutions and may take action next year.

Investors have had a tendency to downplay problems emanating from Washington only to find themselves surprised when lawmakers cannot get together on critical issues. The market reacted harshly to Washington gridlock after failed legislation to backstop the banks in 2008 and again during protracted talks to raise the U.S. debt ceiling in 2011.

Whitney Tilson, a hedge fund manager and one of the only managers in the $2 trillion industry publicly to endorse Obama for a second term, said he was optimistic that the two parties would compromise.

"This was a victory for moderates," he said. "I hope both parties recognize this and move toward each other - to the center - to address the pressing problems our country faces."

The end of the drawn-out election campaign puts to rest questions about regulation and monetary policy - Romney had said he would replace Federal Reserve Chairman Ben Bernanke - but some investors remained on edge about taxes and overall economic health.

Billionaire investor George Soros said late Tuesday that the re-election of Obama will open "the door for more sensible politics." Soros, a major contributor to Democratic causes, said in an email exchange with Reuters that he hoped "the Republicans in office will make better partners in the coming years.

CLARITY ON THE FED, LESS ON THE ECONOMY

Although markets came into the night expecting Obama to win, most traders and investors supported Romney, who raised more money on Wall Street than the incumbent.

Obama's win did remove uncertainty about the future of Fed policy. Romney had said he would replace Bernanke, whose dovish monetary policy has helped propel gains in both U.S. bond and stock prices in recent years.

The benchmark S&P 500 has rallied 67 percent since Obama took office - one of the most impressive runs ever for stocks under a single president.

Benchmark bond yields hit record lows despite a downgrade of the U.S. credit rating last year. Cumulative returns for maturities on all U.S. Treasuries are at 14 percent since Obama took office, according to Barclays.

The Fed's easy-money policy has pushed down the value of the dollar, though, and some worry more dollar weakness may be in store, particularly if investors see signs of rising inflation.

"The market rewards this certainty by bidding up gold and selling the dollar against all major currencies," said Axel Merk, president of Merk Investments in Palo Alto, California.

Under a second Obama presidency, Wall Street will have to forgo trying to repeal Dodd-Frank financial reforms and instead continue to use personal relationships in Washington to keep the law from harming firms, said Karen Shaw Petrou of Federal Financial Analytics, a Washington-based research firm.

Wall Street has bristled at the reforms, which include stricter capital requirements for banks, and the Volcker Rule, which is intended to stop banks from making bets in the financial markets with insured deposits.

But some welcomed the changes.

"I don't think any reasonable observer would want to go back to the risk that we had in the system before the financial crisis," said Evercore CEO Ralph Schlosstein.

(This story was refiled to restore punctuation in headline)

(Additional reporting by Tim McLaughlin and Svea Herbst-Bayliss in Boston, Atossa Abrahamian, Daniel Bases, David Henry, Rick Rothacker, Ryan Vlastelica, Sam Forgione, Nadia Damouni, Gregory Roumeliotis and Jennifer Ablan in New York; Editing by David Gaffen, Lisa Von Ahn, Prudence Crowther, Andrew Hay, Leslie Gevirtz and Ciro Scotti)

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