WASHINGTON (CNNMoney.com) – A top White House adviser said Friday that business opponents of President Obama's plan to create an agency to protect financial consumers are trying to "scare people."
Larry Summers, director of Obama's National Economic Council, criticized an ad campaign by the U.S. Chamber of Commerce for suggesting that a new consumer agency will hurt small businesses that extend credit to their customers.
Summers compared the advertisements to the "death panel ads" invoked by opponents of health care reform.
"I'd suggest those ads are the financial regulatory equivalent to the death panel ads being run with respect to health care," Summers said in a speech at Georgetown University. "Those without a good argument try to scare people ... that's what is happening here."