Wall Street Won't Be Hurt By Reform Bill, Says Bloomberg Official

A Bloomberg administration official said sweeping new financial regulations being written in Washington, D.C., will not harm Wall Street.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010, will make sweeping changes to big banks' derivatives, stock trading and mortgage activities. But these changes need not harm the city's financial services sector, according to Deputy Mayor for Economic Development Bob Steele.

"Once the rules are clear, then people in New York are innovative. We have a head-start in lots of these areas and will be able to respond accordingly," Steele said, speaking on WNYC's The Brian Lehrer Show. 

Steele said he expects Wall Street to remain an anchor of the New York City economy. But he did note one worrying trend: as the recovery takes root, some banks appear to be hiring more workers abroad than here.