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Obama: Don't Let GOP Repeal Wall Street Reform

4 years ago
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President Barack Obama said Saturday Republican threats to repeal a sweeping law strengthening government oversight of Wall Street banking and investment practices would be a "terrible mistake," taking the country backward "to the broken system we had before."

Obama cited boasts by Republican leaders, including U.S. House chief John Boehner, that, in the president's words, they will "repeal all of these reforms and consumer protections" if they win majorities in the House and Senate next month. "Without sound oversight and common-sense protections for consumers, the whole economy is put in jeopardy," he said in his weekly address.

The new law, enacted in July over broad Republican opposition, establishes new consumer protections, limits bank overdraft fees, and cracks down deceptive mortgages and certain exotic trading practices. Addressing voter anger over the earlier government bail out of failing banks and insurance companies, the president said new rules in the reform laws assured that "taxpayers would never again be on the hook ... if a big financial company went under."

Obama was on the campaign trail in Minnesota Saturday, but his speech was recorded earlier and posted on the Internet. He could veto any repeal legislation sent to him by Congress. Watch the speech here.


Republicans, in weekly remarks, ignored Wall regulation, but criticized Obama's economic stimulus bill, the health care law and Democratic reluctance to extend Bush-era tax cuts to all taxpayers. "We have learned lessons not only of what hasn't worked over the past two years, but what didn't work the last time Republicans controlled Congress," said Sen. John Thune (R-S.D.) "We are determined to take this country in the right direction."

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nokabosh

Obama Finance Reform bill is a bad bill. It actually increases the likelihood bailouts. It grows gov't via more oversight which means more palms to grease. It does nothing to reform or destablish Fannie Mae and Freddie Mac who are still free churn and make bad loans at the behest of social engineers in Congress. Wall Street will lose about 600K jobs in the long run.

October 30 2010 at 1:06 PM Report abuse rate up rate down Reply
BMMC

check your facts. Our country ranks behind socialist Canada for the ability of citizens to move up in economic class. We have a higher disparity in income and assets than most "impoverished" South American countries. We measure the money we waste in health care and military as part of our GDP and standard of living, but does this add to our quality of life? we spend more in education but get less results (just like with healthcare), yet this all adds to our GDP. Our GDP measures dollars not value. We also ignore imports by American manufacturers. We subsidize prescription drugs and security for the rest of the world and no American workers benefit. The economic gains of the last 10 years have gone more than 80% to the top percent of the wealthy. We sacrifice our poor across the globe with a military presence in 135 of 192 countries defending the interests of multi-national companies.

October 26 2010 at 8:54 PM Report abuse rate up rate down Reply
wolfsonnydiane

If you think deregulation of banks and corporations[ leaving them free to relax worker safty in their plants move plants overseas sell faulty products] Is good vote republican.If you think cutting goverment income [by giving the wealthest 2 percent of americans a tax break]will help lower our deficet vote republican if you think the republicans who are reponsable for 10 trillion of our debt will all of a sudden stop their big spending ways vote republican If you think corporation or millionners if given a tax cut are more concerened with hiring workers over increasing stock value pay raises and profit vote republican.If you think a for profit insurance company has your best interest in mind vote republican If you think a deregulated banking industry would be better than a regulatrd one vote republican.Sould republicans get control of congress thell deregulate cut taxes for coporations and millionairs as they have promosed They say thell cut our deficet by cutting the size of goverment the[ verry same ones who the previous 8 years increased our goverment and increased our debt by 6 trillion dollars] but wont tell you how and you believe them you are a republican.If you want what the previous administration brought us vote republican if you want to move america forward vote democrat

October 25 2010 at 8:33 AM Report abuse -6 rate up rate down Reply
eyedzervit

Sure we began to see a growing deficit during the Bush administration. Remember that war that cost billions? Whether we agreed or disagreed with the war in Iraq it did cost a s---load of money. I didn't agree fully with the war but it was a better gamble than the billions that Obama has put added to the deficit and what HE has spent the money on. And let's not forget.....Bush didn't bring on 9/11. It's a known and published fact that the Clinton administration had been given ample warning, many times, that something was brewing and to expect something big. It happened shortly into Bush's term, yes, but the threat was growing during the Clinton administration.

October 24 2010 at 8:57 PM Report abuse +10 rate up rate down Reply
Hello Tony

Oh my what a mess this guy has got us into. Hopefully he will loose both the House and the Senate.

October 24 2010 at 8:01 PM Report abuse +15 rate up rate down Reply
christierandall

if you look it up "best and worst presidents" Dubya is ranked 36 to 39th, Jimmy Carter is mostly in the 20's and Obama is 15th so far.

October 24 2010 at 7:13 PM Report abuse -3 rate up rate down Reply
Martha Hawkins

Obama has a reason to be concerned. American needs to vote and become united on Nov. 4th.

October 24 2010 at 2:49 PM Report abuse +4 rate up rate down Reply
1 reply to Martha Hawkins's comment
dc walker

..Obama needs to be a one term president like Carter. Their actions have caused more problems than they solved. With 18 million americans out of work, Cap and Trade, Amnesty and the VAT tax on the horizon, 2012 can't get here fast enough. Anyone but Obama from any party, no more left wingnuts.

October 24 2010 at 6:12 PM Report abuse +5 rate up rate down Reply
bjarvis572

I have a Idea... Lets Regulate our politicians first. If they don't attempt to fulfill there political platform promises they will be ousted 1/2 of there term. If they take kick backs... Prison terms! Not a country club prison (Federal Prison). "The state pen" We need to reform the way our politicians and lobbyist do business. The way it should be done is the lobbyist goes in front of a board of several politicians and it needs to be filmed and recorded for the taxpayer to see. Accountability!

October 24 2010 at 1:48 PM Report abuse +8 rate up rate down Reply
ettu

What reform? They continue business as usual, while the taxpayers continue to be required by the Lib/Prog/Dem power in DC to bail out those who took everything from the middle class and poor. We all have lost the little we were able to accumulate, and the wealthy are buying what we once had, at distress prices. The Liberal Dems like to say it is the Republicans and Conservatives that give everything to the wealthy, but who has Obama shored up during the past 2 years, and the Dem controlled Congress for the past 4 years? Certainly we cannot say it was the poor and the middle class.

October 24 2010 at 10:12 AM Report abuse +6 rate up rate down Reply
notanaxkiller

All you republicans think back [if you dare] to the weeks following 911. The stock market crashed, unemployment rose, business as usual was a thing of the past. Then came what has come to be known as a pointless war in iraq, while bin laden still roams free. Then there were the weekly terror alerts that kept americans in a state of panic, and fear, which was good for the wealthy corporations, as they could demand massive amounts of money for american security [haliburton? blackwater?]. Add to that the freedom of information act, that has stripped us of most rights. Throw in GW and his rich friends depleting the treasury, and you get economic collapse, which started about 1 year befor bush left office. The democrats had only had control of the house for less than a year when it all started. Don't blame them. Remember how the 2008 election caimpaign started off all about the war in iraq, and ended about the disaster in the economy? Th GW administration played it well. Take everything, and get out just in time. But you won't remember the facts, because you're all just a bunch of republicans. LOL!

October 24 2010 at 8:30 AM Report abuse -15 rate up rate down Reply
1 reply to notanaxkiller's comment
dc walker

....pointless war in Iraq?? The man just seized $40 billion dollars worth of arms we sold Kuwait including 150 surface to air missiles. Saddam had taken 700 tanks into Kuwait killing hundreds on his way to Saudi Arabia to take over the oil fields of two nations. He was buying nuclear triggers in 1990, see Time and Newsweek April 9, 1990. it seems people think going into Iraq was a mistake but the nations in that area didn't think so. I didn't vote for Bush and I didn't like Saddam but we are all better off without him. If we been in a war every decade I've been alive and after watching this administration sell billions in arms to Saudi Arabia I cannot see the mideast getting better any time soon.

October 24 2010 at 2:50 PM Report abuse +4 rate up rate down Reply

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