News / USA

Obama: New Financial Rules Needed To Prevent New Crisis

Kent Klein

President Barack Obama says tougher regulation is needed in the U.S. financial industry, to prevent another economic crisis.  The president is preparing for a legislative battle with Republicans over his financial overhaul proposal.

In his weekly radio and Internet address, President Obama says new rules are needed for Wall Street, to protect American consumers and taxpayers. "Every day we do not act, the same system that led to bailouts remains in place, with the exact same loopholes and the exact same liabilities.  And if we do not change what led to the crisis, we will doom ourselves to repeat it," he said.

Democrats in the U.S. Senate will try to push forward the president's plan, which would regulate derivatives, the complex financial transactions that critics believe helped start the 2008 economic crisis.

Mr. Obama said Friday he will veto any legislation that does not regulate derivatives.

The legislation would also force large financial companies to pay into an emergency fund for failing banks, to prevent taxpayers from having to do so.

Lawmakers in the president's Democratic Party have not agreed on how far the regulation should go.

Opposition Republicans are ready for a fight.  The top Senate Republican, Minority Leader Mitch McConnell, said Friday all 40 other Republican Senators have signed a letter opposing the bill and demanding further talks.

The president says Senator McConnell and other Republicans have worked with Wall Street executives to block an overhaul. "The Senate Republican leader came out against the common-sense reforms that we have proposed.  In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts, when he knows that it would do just the opposite," he said.

The number-two Republican in the House of Representatives, Eric Cantor, says in his party's weekly address the Democrats' spending and government deficits are driving taxes higher.

Two days after the U.S. income tax filing deadline, Cantor is urging a vote for Republicans in the November congressional elections. "You have to take action, so that we can begin to erase our deficits and free our children from our debt," he said.

With health care reform passed and signed, financial reform is now President Obama's top domestic legislative priority.

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Religion Aside, Christmas Gains Popularity in Communist Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal 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 Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid