In this week's Presidential Youtube-radio address, President Obama touts the changes that the Financial Reform bill will bring when it is signed into law to protect us from another near-collapse of our financial system.
With Congress having finalized a strong Wall Street reform bill, the President urges Congress to finish the job and send the bill to his desk. The legislation reflects 90% of what the President originally proposed, including the strongest consumer financial protections in history with an independent agency to enforce them. It ensures that the trading of derivatives, which helped trigger this crisis, will be brought into the light of day, and enacts the “Volcker Rule,” which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades. It also creates a resolution authority to wind down firms whose collapse would threaten the entire financial system. Wall Street reform will end taxpayer funded bailouts and make sure Main Street is never again held responsible for Wall Street’s mistakes.