News / USA

Obama: Wall Street Reforms Still Urgently Needed

President Obama records his Weekly Address for 24 Apr 2010
President Obama records his Weekly Address for 24 Apr 2010

Multimedia

Audio
TEXT SIZE - +

U.S. President Barack Obama says reforms are urgently needed in the financial industry, to prevent a repeat of the crisis that devastated the nation's economy. The Senate is debating a financial overhaul bill.

In his weekly address Saturday, President Obama says reforming the financial system is a necessary part of the country's economic recovery.

"After a recession that stole eight million jobs, this is going to take some time," he said. "And this will require that we continue to tackle the underlying problems that caused this turmoil in the first place.  In short, it is essential that we learn the lessons of this crisis, or we risk repeating it."

The U.S. Senate may debate financial reform legislation in the coming week.  The Senate Banking Committee on Wednesday passed a bill which would end taxpayer bailouts of big banks and protect consumers from abusive financial practices.

The House of Representatives approved similar legislation in December.

The president's radio and Internet address follows his Thursday speech near Wall Street in New York, in which he argued for new laws to protect consumers and hold financial firms accountable.

Mr. Obama says it is necessary to end taxpayer bailouts of private companies and make financial deals more transparent. "That is how we will restore trust and confidence in our markets," he said. "That is how we will help to put an end to the cycles of boom and bust that we have seen.  And that is how, after two very difficult years, we will not only revive the economy, but help to rebuild it stronger than ever before."

In the opposition Republican Party's weekly address, Senator Kay Bailey Hutchison says the Democrat-sponsored Senate bill would not end government bailouts, and Republicans want to continue negotiating.

"It is time for Democrats to put away the political playbook and simply say publicly what they are suggesting privately: that this bill still needs some work, that both parties should come together to do that work on behalf of the American people,"  she said.

While President Obama is promising an end to government bailouts, he says those which have occurred over the past two years have helped prevent millions of people from losing their jobs.

Mr. Obama says the U.S. auto industry has added 45,000 jobs since General Motors emerged from bankruptcy, and Chrysler has reported a profit for the first time since the economic crisis began.  GM says it will repay billions of dollars in U.S. and Canadian government loans five years ahead of schedule.

Also, the president mentioned Friday's U.S. Treasury Department announcement that the bailout of some U.S. industries will likely cost less than $90 billion, down from the original estimate of $500 billion.

You May Like

Multimedia Relatives of South Korean Ferry Victims Fire at Authorities

46 people are confirmed dead, but some 250 remain trapped inside sunken ferry More

War Legacy Haunts Vietnam, US Relations

$84 million project aims to clean up soil contaminated by Agent Orange More

Wikipedia Proves Useful for Tracking Flu

Technique gave better results than Center for Disease Control (CDC) and Google’s Flu Trends 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.
Ukraine, Russia, United in Faith, Divided in Politicsi
X
Michael Eckels
April 19, 2014
There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Ukraine, Russia, United in Faith, Divided in Politics

There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Face of American Farmer is Changing

The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Donetsk Governor: Ukraine Military Assault 'Delicate But Necessary'

Around a dozen state buildings in eastern Ukraine remain in the hands of pro-Russian protesters who are demanding a referendum on self-rule. The governor of the whole Donetsk region is among those forced out by the protesters. He spoke to VOA's Henry Ridgwell from his temporary new office in Donetsk city.
Video

Video Drones May Soon Send Data From High Seas

Drones are usually associated with unmanned flying vehicles, but autonomous watercraft are also becoming useful tools for jobs ranging from scientific exploration to law enforcement to searching for a missing airliner in the Indian Ocean. VOA’s George Putic reports on sea-faring drones.
Video

Video New Earth-Size Planet Found

Not too big, not too small. Not too hot, not too cold. A newly discovered planet looks just right for life as we know it, according to an international group of astronomers. VOA’s Steve Baragona has more.
Video

Video Copts in Diaspora Worry About Future in Egypt

Around 10 percent of Egypt’s population belong to the Coptic faith, making them the largest Christian minority in the Middle East. But they have become targets of violence since the revolution three years ago. With elections scheduled for May and the struggle between the Egyptian military and Islamists continuing, many Copts abroad are deeply worried about the future of their ancient church. VOA religion correspondent Jerome Socolovsky visited a Coptic church outside Washington DC.
Video

Video Critics Say Venezuelan Protests Test Limits of Military's Support

During the two months of deadly anti-government protests that have rocked the oil-rich nation of Venezuela, President Nicolas Maduro has accused the opposition of trying to initiate a coup. Though a small number of military officers have been arrested for allegedly plotting against the government, VOA’s Brian Padden reports the leadership of the armed forces continues to support the president, at least for now.
Video

Video More Millenials Unplug to Embrace Board Games

A big new trend in the U.S. toy industry has more consumers switching off their high-tech gadgets to play with classic toys, like board games. This is especially true among the so-called millenial generation - those born in the 1980's and 90's. Elizabeth Lee has more from an unusual café in Los Angeles, where the new trend is popular and business is booming.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
AppleAndroid