With Congress having finalized a strong Wall Street reform bill, the President urges Congress to finish the job and send the bill to his desk. The legislation reflects 90% of what the President originally proposed, including the strongest consumer financial protections in history with an independent agency to enforce them. It ensures that the trading of derivatives, which helped trigger this crisis, will be brought into the light of day, and enacts the “Volcker Rule,” which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades. It also creates a resolution authority to wind down firms whose collapse would threaten the entire financial system. Wall Street reform will end taxpayer funded bailouts and make sure Main Street is never again held responsible for Wall Street’s mistakes.
Category Archives: financial oversight
As a key committee in the Senate takes up reforming the ways of Wall Street, the President lays down a marker: “I urge those in the Senate who support these reforms to remain strong, to resist the pressure from those who would preserve the status quo, to stand up for their constituents and our country. And I promise to use every tool at my disposal to see these reforms enacted: to ensure that the bill I sign into law reflects not the special interests of Wall Street, but the best interests of the American people.”
The President explains his plan to address one of the major causes of the current economic crisis — the breakdown of oversight leading to widespread abuses in the financial world. The new Consumer Financial Protection Agency will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules. This is a cornerstone in Americas new economic foundation.