Tags: US | Obama | Financial | Overhaul

Obama Prods Congress to Finish Financial Overhaul

Saturday, 26 Jun 2010 08:15 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

President Barack Obama prodded Congress on Saturday to send him financial overhaul legislation, saying the landmark compromise lawmakers have crafted would be a boon to consumers and help deflect the next global financial crisis.

"We're still digging ourselves out of an economic crisis that happened largely because there wasn't strong enough oversight on Wall Street," Obama said in his weekly radio and online address. "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."

He also pressed legislators to send him another proposal they omitted from the compromise financial package — a tax on big banks supporters say would recoup some of the billions taxpayers spent to bail out the ailing institutions.

House-Senate negotiators approved the overall deal Friday, and Democratic leaders hope to muscle it through Congress next week. The bill creates an independent agency to monitor mortgages and other consumer financial products, restricts trading in complicated derivatives that helped ignite the financial meltdown and forces failing giant firms to liquidate, making it the widest reaching revamp of the nation's financial rules since the Great Depression.

"We now stand on the verge of victory," the president said.

Republicans say the measure ignores Fannie Mae and Freddie Mac, the mortgage giants who have received huge federal bailouts and whose bad loans helped trigger the housing and economic meltdowns.

In their weekly address, they argued that Obama must focus on "creating more jobs, not more debt," by embracing GOP efforts to cancel unspent Wall Street bailout funds and stimulus money and to help small businesses.

"Instead of growing government, we need to restart the engine of economic growth," said Rep. Paul Ryan, R-Wis.

Obama's address came with the president in Toronto, Canada, for a weekend economic meeting of world leaders. Their session is aimed at finding ways countries can coordinate their policies to help avoid a future economic collapse.

The financial measure is nearing enactment at a time when polls show widespread public anger at bankers and Wall Street, who are widely blamed for irresponsible practices that helped cause the recession.

"Getting this far on Wall Street reform hasn't been easy," Obama said, playing on that populist theme. "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."

——

Online:

Obama address: http://www.whitehouse.gov

GOP address: http://www.youtube.com/republicanconference

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Washington Post: Obama's Agenda Misfiring on All Cylinders

Monday, 28 Jul 2014 19:16 PM

President Barack Obama declared 2014 a "year of action," but it's been anything but, with his lofty State of the Union g . . .

Catholic League's Donohue: Pope May Visit NYC Next Year

Monday, 28 Jul 2014 16:51 PM

Pope Francis could very well add New York City to his rumored trip to Philadelphia next year, according to Bill Donohue, . . .

Chicago's Emanuel Boosting Shelter Space for Child Illegals

Monday, 28 Jul 2014 17:27 PM

Chicago will set up additional shelters for unaccompanied immigrant children to be funded by the federal government and  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved