That was really the beginning of the major movement to deregulate financial institutions.

He's concerned about Mr. Summers' history of helping to deregulate financial markets, said Andrea Helling, spokeswoman for the Montana Democrat.

He deregulated financial markets, floated the Australian dollar, cut tariffs and introduced compulsory superannuation.

But then Treasurer Paul Keating floated the Australian dollar, deregulated financial markets and brought in compulsory superannuation.