President Obama Pushes Financial Reforms

2009 June 20

June 20 2009 - President Obama, striking a forceful tone, said that he will fight for his package to reform the financial regulatory system — unveiled on Wednesday — as he tried to drum up support for his proposed Consumer Financial Protection Agency.

In his weekly radio address aired Saturday morning, Mr. Obama promised to battle what he called special interests and to push hard for regulatory reform.

“The American people sent me to Washington to stand up for their interests,” he said. “And while I’m not spoiling for a fight, I’m ready for one.”

He took another punch at Washington and Wall Street—as he has been doing in the past, and characterized the need for regulatory reform as “necessary to end” the economic crisis now facing the country.

“As we continue to recover from an historic economic crisis, it is clear to everyone that one of its major causes was a breakdown in oversight that led to widespread abuses in the financial system,” Mr. Obama said. “An epidemic of irresponsibility took hold from Wall Street to Washington to Main Street. And the consequences have been disastrous. Millions of Americans have seen their life savings erode; families have been devastated by job losses; business large and small have closed their doors.”

Obama Pushes Financial Reforms

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