NEW YORK: The Obama administration's overhaul of financial-industry rules faces a lobbying assault on Capitol Hill, as lawmakers question the Federal Reserve's role and bankers say the plan may hinder economic growth.

President Barack Obama announced his proposals yesterday in the White House, and banks, hedge funds and commodities traders quickly pointed to provisions they didn't like. The American Securitization Forum, whose members include Goldman Sachs Group Inc. and JPMorgan Chase & Co, said Obama's plan to fix the mortgage market "may not be the most effective way".

Financial firms, some of them blamed for causing the credit crisis, say they want to make sure the industry isn't further damaged by ill-conceived or burdensome regulations. They want to limit costs that may eat into profits and eliminate rules that give competitors an advantage, said Ernest Patrikis, a partner in New York law firm White & Case LLP.