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Obama Urges Final Action on Wall Street Reform, Says on 'Verge of Victory'

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President Obama urged Congress Saturday to take swift final action on sweeping reforms of the way Wall Street does business. Push the bill "over the finish line," he said, so that taxpayers will never again have to bail out banks and investment firms such as those involved in the 2008 meltdown.

The president said the compromise legislation, facing final votes in the Senate and House, included "90 percent 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" to enforce the new rules.
Video image of President Obama at stock market
In his weekly address, Obama said the bill, ironed out by a House-Senate conference committee, will create a "resolution authority" to help manage the winding down of troubled firms "whose collapse would threaten our entire financial system." He said the legislation would also crack down on hidden fees, penalties and other misleading practices by some credit card companies and mortgage houses, and force more openness in risky trading, including the derivatives market.

As the Washington Post points out, the measure does not ban exotic trading practices or attempt to break up big investment banks. The House and Senate are expected to act on the conference report next week, so Obama could have a bill to sign before the 4th of July.

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85 Comments

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ddan8719

Out-standing job from the president and his administration..only two more to go..and success greets you with open arms..

June 27 2010 at 9:26 PM Report abuse -2 rate up rate down Reply
anita

Just as we have laws against murder, stealing, etc., sadly we need regulations to ensure businesses do the correct thing for the better good of society. After the Great Depression, many regulations were put into effect to try to ensure no future failings of our banking system. And those regulations worked quite well until big business convienced Congress that DEREGULATION would be good for our Nation. Well, we can add that to "I'll still respect you in the morning" and "The check is in the mail". Deregultion is what allowed the greed, and lack of morals and ethics, to nearly destroy our great Nation! The majority of Americans still have not recovered from this. I am grateful for Congress working towards replacing those needed regulations. GOD BLESS AMERICA!

June 27 2010 at 2:37 PM Report abuse -1 rate up rate down Reply
andrc657

These are some modest reforms for Wall Street so that bankers and their ilk are not able to steal quite as much from the American people. Obviously republicans oppose it because it tries to regulate those hedge fund billionaires who keep them in power.

June 27 2010 at 1:40 PM Report abuse -1 rate up rate down Reply
Rob & Kathy

When is Obama going to pass government reform? They are the biggest source of financial chaos...

June 27 2010 at 12:57 PM Report abuse +7 rate up rate down Reply
Rob & Kathy

dreamlord6511:07 PM Jun 26, 2010
That confidence and stability helped cause the banking collapse.
**********
The banking collapse was caused by confidence and stability? That's a unique perspective...

June 27 2010 at 12:45 PM Report abuse +4 rate up rate down Reply
walkingman50

....and the two biggest offenders Fannie and Freddie remain unscathed.

June 27 2010 at 12:20 PM Report abuse +4 rate up rate down Reply
Warrior

I am no fnancial wizard; only a typical blue collar American. I sense this Financial Reform Package is still way too lenient on the corporate/finacial good old boy network that's always in bed with the political bureaucracy. No doubt, both parties, using the guise of "bipartisanship," emplaced numerous loopholes which are cleverly concealed, on purpose; as well as the general bill written so as not to be "too rigid" in order to maintain the status quo. There is absolutely no doubt in my mind, "Wall Street is once again laughing at the American taxpayer...all the way to the Bank!"

June 26 2010 at 11:29 PM Report abuse +12 rate up rate down Reply
RSK1177

The so called financial reform bill is just another government intrusion into private enterprise and making the government bigger. Sen. Dodd said the bill isn't perfect but it has to be passed in order to find out what's in it. Sound familiar? Why doesn't Congress fix what's broken and not intrude into the lives of American consumers? Government has proven that they can't manage anything well so why do we think that they can manage the financial institutions? We need smaller government..not larger government !

June 26 2010 at 10:51 PM Report abuse +17 rate up rate down Reply
Rob & Kathy

Just more government control and uncertainty. Business and investment grows on confidence and stability. obama's policies foster neither...

June 26 2010 at 10:29 PM Report abuse +17 rate up rate down Reply
1 reply to Rob & Kathy's comment
dreamlord65

That confidence and stability helped cause the banking collapse. Unregulated growth is like a cancer that sooner or later ends up being detrimental to the host. Canada's banking system is far more regulated and has experienced constant growth. Regulations need to be enacted so that banks limit risk. Higher risk means the possibility of greater profits but also leads to greater instability and possibility large losses. I do not see that Republican policies foster long term growth. Republican policies tend to be short sighted.. like 4-6 years.. and then democrats need to come in and clean up the mess they left. Business grows best with moderate risk which fosters stability. Bank fees should not be used to line the pockets of bank presidents and CEO's. Doing nothing guarantees that we will face a similar meltdown in the future. That is certainly in nobody's best interest.. except maybe the Bank presidents and CEOs.

June 26 2010 at 11:07 PM Report abuse -13 rate up rate down Reply
Luette

After watching the stunning "victory" of the stimulous, or the victory of the cars for clunkers, or the victory of the continued BAIL OUTS with our money, I find everytime he speaks the word 'victory" we better watch out.

June 26 2010 at 9:28 PM Report abuse +19 rate up rate down Reply

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