Obama Turns to Wall Street Reform

NY visit will push for "fundamental change" to financial rulebook

By Mat Probasco, Newser Staff

Posted Sep 14, 2009 6:52 AM CDT

(Newser) – As Washington wrangles over what shape health reform might take, President Obama heads to Wall Street today to remind it that financial reform is far from being forgotten, reports the Washington Post. On the one-year anniversary of Lehman Brothers' implosion, the president will push financial overhaul as urgent in order to prevent "banks (from) going back to the same things that they were doing before."

With powerful Dems Barney Frank and Chris Dodd leading the House and Senate finance committees respectively, the president stands a shot at keeping legislation on track to pass before year's end—which the White House sees as a must if it is to sidestep election-year quicksand.

[Images (1)]

[Quotes (1)]

President Barack Obama gestures while addressing a health insurance reform rally, Saturday, Sept. 12, 2009, in Minneapolis. (AP Photo/Haraz N. Ghanbari)

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(The financial community will be urged) to take responsibility, not only to support reforming the regulatory system but also to avoid a return to the practices on Wall Street that led us to the financial crisis. - An administration official

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COMMENTS

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0001tr

Sep 14, 2009 12:54 PM CDT

"We are now the laughing stock of Asia. Our dollars are no longer respected; our ambitions, no longer mimicked. I can't even exchange a $100 bill on the street here anymore: Most of the street money changers will take euros, Singapore dollars, even Chinese yuan. But fearful of losing their shirt with sinking exchange rates, they don't want U.S. dollars. " above taken from Weiss financial newsletter...please look beyond the propaganda media. to learn of whats Really happening in the world and in our on backyard.

cmenthead

Sep 14, 2009 12:15 PM CDT

obama, barney, and dodd. troubling, very troubling.

0001tr

Sep 14, 2009 12:09 PM CDT

appears maybe china will shut it for him...Today most likely his speech is decoy, and the true purpose of his trip there is to meet with his Boss'es and hear what he is to next....

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Politics • Money • US

Barack Obama • Wall Street • financial crisis • Timothy Geithner • financial reform

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Obama Turns to Wall Street Reform