Wall Street Slams NY Lawmakers Over Sovereign Debt Bill.

Wall Street and New York lawmakers are at odds over a proposed bill called the Sovereign Debt Stability Act, which aims to reform the process of restructuring defaulted government debt. The bill would increase oversight on debt restructuring and potentially limit the recoveries of private bondholders. Lawmakers argue that the bill would help defaulted nations recover more quickly, while trade organizations warn of unintended consequences and potential risks for investors. The bill is currently being considered in Albany and proponents hope to pass it before the end of the legislative session in June. [Extracted from the article]