Obama calls for passage of financial reform bill

CNN
4/24/2010

Strongly defending the government’s bailout of the auto industry last year, President Obama called on Congress to pass a financial reform bill during his weekly radio and internet address Saturday.

“On Friday…the Treasury Department informed Congress that this financial rescue – which was absolutely necessary to prevent an even worse economic disaster – will end up costing taxpayers a fraction of what was originally feared,” Obama says in the address. “This is a direct result of the careful management of the investments made by the American people so that we could recoup as many tax dollars as possible – as quickly as possible.”

Obama’s comments come days after he delivered a speech in New York City calling for reform of Wall Street practices.

“I once again called for reforms to hold Wall Street accountable and to protect consumers,” Obama says in Saturday’s address. “These reforms would put an end – once and for all – to taxpayer bailouts. They would bring greater transparency to complex financial dealings. And they will empower ordinary consumers and shareholders in our financial system.”

On Wednesday, the Senate Agriculture Committee voted 13-8 in favor of a bill that would impose regulations on the complex system of Wall Street trades known as derivatives. Senate leaders will look at merging the measure with a financial regulations reform bill already passed by the Senate Banking Committee that is headed for debate by the full chamber. The House of Representatives passed a regulatory overhaul in December.

The article continues at CNN.com

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