Skip to main content

Obama Pushes Financial Regulation Proposal

By Kent Klein
Washington
20 June 2009

President Barack Obama delivers remarks on a new regulatory reform plan, 17 Jun 2009, at the White House
President Barack Obama
U.S. President Barack Obama is again promoting his plan for a new agency to protect consumers in the American financial industry.

President Obama says his proposed Consumer Financial Protection Agency would protect investors and borrowers from the abuses that led to the current U.S. economic problems.

"An epidemic of irresponsibility took hold, from Wall Street to Washington to Main Street. And the consequences have been disastrous," he said.

In his weekly Saturday address, Mr. Obama says the proposed agency would set tough new rules to force companies to treat financial customers fairly.

"We are going to promote markets that work for those who play by the rules," he said. "We are going to stand up for a system in which fair dealing and honest competition are the only way to win. We are going to level the playing field for consumers."

The president says he knows the plan faces stiff opposition from business leaders.

"Well, the American people did not send me to Washington to give in to those special interests," said Mr. Obama. "The American people sent me to Washington to stand up for their interests. Although I am not spoiling [looking] for a fight, I am ready for one."

In the weekly Republican message, Senate Minority Leader Mitch McConnell says President Obama's plan to reform the U.S. health care system will cost too much.

"Throughout this debate, the administration's central argument has been that America needs health care reform for the sake of the economy," he said. "Yet, according to independent estimates, every health care proposal Democrats on Capitol Hill have offered would only hurt the economy."

Two recent estimates from the Congressional Budget Office both show that the Democratic health plans will cost more than $1 trillion over 10 years.

source: http://www.voanews.com
Labels:

Comments

Post a Comment

Popular posts from this blog

ASEAN pushes for resumption of N. Korea nuke talks

ASEAN and friends: Foreign Ministers from left, Vietnam's Pham Gia Khiem, South Korea's Kim Sung-hwan, Japan's Takeaki Matsumoto, Indonesia's Marty Natalegawa, and China's Yang Jiechi, hold hands during a group photo at the opening session of ASEAN Plus Three Foreign Ministers' Meeting in Nusa Dua, Bali, Indonesia, Thursday. (AP/Dita Alangkara) Associated Press, Nusa Dua | Thu, 07/21/2011 2:19 PM Foreign ministers from 10 Southeast Asian nations are calling for a speedy resumption of talks aimed at convincing North Korea to abandon its nuclear weapons program. China, the US, Japan, South Korea and Russia had been negotiating since 2003 to persuade Pyongyang to dismantle the program in exchange for aid and other concessions. The North pulled out of the talks about two years ago after being censured for launching a long-range rocket. It has indicated a willingness in recent months to return to the table. The 10-member Association of Southeast As...
Post a Comment
Read more

Army: Gunmen kill Indonesia soldier in Papua

 Associated Press, Jayapura | Thu, 07/21/2011 6:47 PM An army officer says unidentified gunmen have ambushed Indonesia soldiers and killed one of them in the easternmost province of Papua. The chief army officer in Papua says soldiers are still searching for the gunmen. Maj. Gen. Erfi Triassunu said the ambush Thursday morning happened outside a village in the hilly district of Puncak Jaya. Triassunu said the victim was a first private killed by a shot to his head. No information was available on the other soldiers. The attack occurred one day after a military tribunal indicted three low-ranking soldiers for killing a civilian in Puncak Jaya last year. Papua is a former Dutch colony incorporated into Indonesia in 1969 after a U.N.-sponsored ballot. A small, poorly armed separatist movement has battled for independence ever since.
Post a Comment
Read more