News / USA

Obama: Wall Street Overhaul Will Pass

Multimedia

Audio

President Barack Obama on Tuesday said he has enough votes in the U.S. Senate to pass financial reform legislation.  The president said several opposition Republicans and conservative Democrats have agreed to support the bill.

President Obama said Senate Democrats now have the 60 votes they need to force big U.S. financial firms to change the way they do business.

"Three Republican senators have put politics and partisanship aside to support this reform," he said. "And I am grateful for their decision as well as all the Democrats who have worked so hard to make this reform a reality."

Mr. Obama said the legislation will prevent another financial crisis by strengthening Wall Street regulations.  Weak regulations have been blamed for the 2008 financial crisis that led to the current global economic recession.

Republican Senators Olympia Snowe, Susan Collins and Scott Brown announced their support for the bill, as did conservative Democrat Ben Nelson, who earlier had expressed concerns about it.

At the White House, President Obama also introduced reporters to his nominee for budget director, Jacob Lew.

The Deputy Secretary of State had been budget director under former President Bill Clinton. "If there was a hall of fame for budget directors, then Jack Lew surely would have earned a place for his service in that role under President Clinton, when he helped balance the federal budget after years of deficits," said the president.

If he is confirmed by the Senate to the Cabinet-level post, Lew would inherit a deficit of more than $1 trillion for the first three-quarters of this fiscal year, with more deficits to come.

Mr. Obama said shrinking that shortfall would be the top priority for his new budget director. "Jack's challenge over the next few years is to use his extraordinary skill and experience to cut down that deficit and put our nation back on a fiscally responsible path.  And I have the utmost faith in his ability to achieve this goal as a central member of our economic team," he said.

Lew would replace Office of Management and Budget Director Peter Orszag, who is stepping down this month.

The president made the announcements as a new opinion poll shows public confidence in him has sunk to a new low.  The survey, conducted by The Washington Post newspaper and ABC News, shows that almost 60 percent of U.S. voters say they lack faith in Mr. Obama's ability to lead the nation.  It also says that only 43 percent of voters approve of the president's handling of the nation's economy.

You May Like

Is Air Travel Safe?

Aviation expert says despite tragic losses of Malaysian Airlines flights 370 and 17, industry experienced lowest fatality rate in recorded history last year More

Multimedia 100 Days Later, Nigerian Girls Still Held

Activists holding rallies in Nigeria and several other countries to mark 100th day of captivity for more than 200 schoolgirls being held by Boko Haram More

Chocolate Too Bitter? Swap Sugar for Mushrooms

US food technology company develops fermentation process using mushrooms to reduce bitterness in cocoa beans, believes it will cut sugar content in candy More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Carriers Suspend Travel to Israeli
X
Carolyn Presutti
July 23, 2014 1:21 AM
The United States is prohibiting American carriers from flying to Israel's airport in Tel Aviv for 24 hours, because of rising violence between Israel and Hamas militants. The action was announced on Tuesday, after a rocket fired by Hamas militants in the Gaza Strip landed near the airport. As VOA's Carolyn Presutti tells us, international officials soon may have to determine which combat zones are too dangerous for commercial flights.
Video

Video US Carriers Suspend Travel to Israel

The United States is prohibiting American carriers from flying to Israel's airport in Tel Aviv for 24 hours, because of rising violence between Israel and Hamas militants. The action was announced on Tuesday, after a rocket fired by Hamas militants in the Gaza Strip landed near the airport. As VOA's Carolyn Presutti tells us, international officials soon may have to determine which combat zones are too dangerous for commercial flights.
Video

Video NASA Focuses on Earth-Like Planets

For decades, looking for life elsewhere in the universe meant listening for signals that could be from distant civilizations. But recent breakthroughs in space technology refocused some of that effort toward finding planets that may harbor life, even in its primitive form. VOA’s George Putic reports on a recent panel discussion at NASA’s headquarters, in Washington.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video US Awards Medal of Honor for Heroics in Bloodiest of Afghan Battles

U.S. combat troops are withdrawing from Afghanistan, on pace to leave the country by the end of this year. But on Monday, U.S. President Barack Obama took time to honor a soldier whose actions while under fire in Afghanistan earned him the Medal of Honor. VOA's Jeff Seldin has more from the Pentagon.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.

AppleAndroid