Obama: Verge Of Victory For Financial Reform

With Congress having finalized a strong Wall Street reform bill to avert another crisis and end bailouts, President Obama urges Congress to finish the job and send the bill to his desk.Transcript:This weekend, I'm traveling to Toronto to meet with members of the G20. There, I hope we can build on the progress we made at last year's G20 summits by coordinating our global financial reform efforts to make sure a crisis like the one from which we are still recovering never happens again. We've made great progress toward passing such reform here at home. As I speak, we are on the cusp of enacting the toughest financial reforms since the Great Depression.I don't have to tell you why these reforms are so important. We're still digging ourselves out of an economic crisis that happened largely because there wasn't strong enough oversight on Wall Street. We can't build a strong economy in America over the long-run without ending this status quo, and laying a new foundation for growth and prosperity.That's what the Wall Street reforms currently making their way through Congress will help us do -- reforms that represent 90% of what I proposed when I took up this fight. We'll put in place the strongest consumer financial protections in American history, and create an independent agency with an independent director and an independent budget to enforce them.Credit card companies will no longer be able to mislead you with pages and pages of fine print. You will no longer be subject to all kinds of hidden fees and penalties, or the predatory practices of unscrupulous lenders.Instead, we'll make sure credit card companies and mortgage companies play by the rules. ; And you'll be empowered with easy-to-understand forms, and the clear and concise information you need to make the financial decisions that are best for you and your family.Wall Street reform will also strengthen our economy in a number of other ways. We'll make our financial system more transparent by bringing the kinds of complex trades that helped trigger this crisis -- trades in a $600 trillion derivatives market -- finally into the light of day.We'll enact what's called the Volcker Rule to make sure banks protected by a safety net like the FDIC can't engage in risky trades for their own profit. We'll create what's called a resolution authority to help wind down firms whose collapse would threaten our entire financial system. Put simply, we'll end the days of taxpayer-funded bailouts, and help make sure Main Street is never again held responsible for Wall Street's mistakes.Beyond these reforms, we also need to address another piece of unfinished business. We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis -- so we can recover every dime of taxpayer money.Getting this far on Wall Street reform hasn't been easy. There are those who've fought tooth and nail to preserve the status quo. In recent months, they've spent millions of dollars and hired an army of lobbyists to stop reform dead in its tracks.But because we refused to back down, and kept fighting, we now stand on the verge of victory. And I urge Congress to take us over the finish line, and send me a reform bill I can sign into law, so we can empower our people with consumer protections, and help prevent a financial crisis like this from ever happening again.

Category:

News & Politics

Tags:

• obama
• financial
• markets
• wall street
• banks
• economy
• bailout

[workwillfreeyou]

Sorry Obomber, And that's a well earned name. But you have zero credibility. If your lips are moving or your mouth is open, there's lies spewing out. Your nothing more than a puppet of the evil Wall Street and banking cartels.

[FriedDaisy]

Do dirty politicians still think their constituents don't know about the lobbyist & how they use corporate power to threaten & bribe them into committing treason? For over a century, we-- the people-- have been under slow & steady attack by the corporate elite while our so-called representatives in government remained mostly aloof to these enemies (both foreign & domestic) as they chiseled away at the laws protecting us from their schemes to remove us from our collective wealth and freedoms.

[Tamaraidic0501]

....and live from New York...IT'S SATURDAY NIGHT!!

Fuck! Total BS!

[prankcallradio]

Banks are for Skanks.

[ISeeThemNow]

You mean you're going to re-invent all the regulations that were already put in place after the great depression, that govt and banks purposefully removed to lead to this crisis. Great - I have some orginal names for your new regulations - how about Bretton woods, or ...Glass-Steagall.

[EMPIRE0FLIES]

Is this a joke? Its just another disguised bailout. Keep on reading that teleprompter. At least Bush read the teleprompter with evil conviction. We are screwed.

[sanewave]

hey obama, how bout you and everyone you are working with go fuck yourselves!

[KDZigZag]

Creepy .... very creepy

[Azoadam]

@Realitycleans More grease to your elbows,Mr.President. Your haters are simply wasting their time.God bless you!

[Realitycleans]

This guy is the biggest lair and fraud in US history...impeach the bastard

[renegado100]

Who is this guy ?? lol just asking !!

WS reform is just BS !!