Obama Calls for Finance Reform
By DARRELL A. HUGHES
WSJ
WASHINGTON -- U.S. President Barack Obama, in his weekly radio address Saturday, focused on the need for a consumer protection agency and continued his push for more Wall Street reforms.
The rules governing financial firms and markets have to be retooled to align with the 21st century, Mr. Obama said.
"We cannot allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers on the hook for cleaning up the mess," he said.
Mr. Obama maintained that his proposed Consumer Financial Protection Agency is key to achieving consumer protection initiatives and retooling how Wall Street conducts business.
"While many folks took on more than they knew they could afford, too often folks signed contracts they didn't fully understand, offered by lenders who didn't always tell the truth. That's why we need clear rules, clearly enforced," he said.
(Continued here.)
WSJ
WASHINGTON -- U.S. President Barack Obama, in his weekly radio address Saturday, focused on the need for a consumer protection agency and continued his push for more Wall Street reforms.
The rules governing financial firms and markets have to be retooled to align with the 21st century, Mr. Obama said.
"We cannot allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers on the hook for cleaning up the mess," he said.
Mr. Obama maintained that his proposed Consumer Financial Protection Agency is key to achieving consumer protection initiatives and retooling how Wall Street conducts business.
"While many folks took on more than they knew they could afford, too often folks signed contracts they didn't fully understand, offered by lenders who didn't always tell the truth. That's why we need clear rules, clearly enforced," he said.
(Continued here.)
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