Obama Visits Wall Street: Pushes for Regulatory Reform

September 14, 2009

(ChattahBox)—-On the one-year anniversary of the collapse of Lehman Brothers that foreshadowed the collapse of the economy and the massive federal bailouts to prop up our financial institutions, the country is still no closer to implementing much needed regulatory reforms to ensure such a financial disaster never happens again.

President Obama is speaking at Wall Street today to reenergize his push for financial reforms that have largely stalled in Congress, since the economy has turned around.

President Obama will speak at the historic Federal Hall, which was the site of George Washington’s inauguration and the venue where the first Congress adopted the Bill of Rights. Although the President and lawmakers has been preoccupied of late with health care reform, Obama hopes to set the much-needed financial reforms in motion with his speech on the anniversary of the collapse of Lehman Brothers.

Since, Treasury Secretary Timothy F. Geithner delivered an 85-page blueprint for regulatory reform to Congress, it has remained on the back burner, after a concerted campaign by the U.S. Chamber of Commerce opposing a proposed Consumer Financial Products Agency.

Obama would like to see comprehensive financial regulatory reforms enacted soon to prevent future Wall Street abuses.

“We’ve got to pass financial regulatory reform,” Obama said. “And this is an example of where folks say, well, should the Obama administration be taking on too much? The fact of the matter is that if we don’t pass financial regulatory reform, then banks are going to go back to the same things that they were doing before,” said Obama in a recent interview.

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One Response to “Obama Visits Wall Street: Pushes for Regulatory Reform”

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