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 â€œVolcker Rule,â€ which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades.
“Jumpstarting job creation in the private sector and fostering a climate that encourages businesses to hire again is vitally important â€“ and Iâ€™ll continue working hard to make sure that happens. But my responsibility as President isnâ€™t just to help our economy rebound from this recession â€“ itâ€™s to make sure an economic crisis like the one that helped trigger this recession never happens again.”
Democrats failed to get the cloture vote, on Monday, which is necessary to proceed debate on a financial reform bill putting tougher restrictions on Wall Street. Based on the things they are opposing, it’s an easy sell to voters that Republicans are taking their orders from Wall Street.
As the auto industry and financial markets begin to stabilize, the President says the governmentâ€™s emergency interventions are now winding down. He pledges that real reform, particularly on Wall Street, must now begin. General Motors announced that it has repaid its loan to taxpayers with interest five years ahead of schedule, and Chrysler Financial has already fully repaid with interest its loan as well.
Yesterday while listening to NPR, I heard someone explain in terms clearer than I’d heard to date what it means to have rules in place for how Wall Street, the investment banks, depository banks, and all the others operate. There’s no such thing as a truly and fully “free market” â€” the absence of regulation.…