President Obama Vows To Veto Any Republican Bill That Unravels Wall Street Reform

president obama speaks in Birmingham, AL

President Obama issued his most direct threat to veto the Republican budget while speaking in Birmingham, AL today. The President warned Congressional Republicans that he would veto any bill that unravels Wall Street reform.

The President discussed how the CFPB is cracking down on payday lenders, and then dropped his veto threat on Republicans.

The President said:

This is just one more way that Wall Street reform, what we passed five years ago, is protecting working families and taxpayers, and that strengthens the economy, and that’s one more why it makes no sense that the Republican budget would make it harder for the CFPB to do its job. And would allow Wall Street to go back to the kind of recklessness that led to the crisis in the first place, and would allow these kinds of lenders who are not doing the right thing to keep at it.

I have to be clear. If Republicans in Congress send me a bill that unravels the reforms we put in place, if they send me a bill that unravels Wall Street reform, I will veto it.

This is not about politics. It’s is about basic values of honesty and fair play. It’s about the basic bargain that says here in America hard work should pay off and responsibility should be rewarded.

Republicans are trying to gut the CFPB and Wall Street reform through their budget. Congressional Republicans are trying to strip the CFPB of its regulatory power, and hand that oversight over to the Republicans in Congress. This was the most direct statement yet that the President is considering vetoing the Republican budget.

There are numerous reasons why President Obama could, and some would argue, should veto the budget. However, Obama went a step beyond the budget. He said that if Republicans send him a bill, which could mean any bill, which unravels Wall Street reform, he will veto it. Senate Democrats will have the President’s back by sustaining any Obama veto of a bill, budget or otherwise, that targets Wall Street reform.

The last card that Mitch McConnell and John Boehner had left to play was the budget. If Congressional Republicans can’t get their agenda enacted through the budgetary process, they will be left with a choice of moving to the middle or passing nothing.

President Obama made it clear in Birmingham that Congressional Republicans aren’t going to get their way.

15 Replies to “President Obama Vows To Veto Any Republican Bill That Unravels Wall Street Reform”

  1. Barack “The Veto Pen” Obama-I like this side of him, this is what I voted for…

    *On a side-note, I think the reforms should be stronger

  2. Well, it looks like the President has them by the throat once again.

    I can’t wait to hear how both Boehner and McConnell will have to beg Democrats to help them out only to be jilted by them and be left out to dry in front of a ravenous crowd of angry Republicans who can, somehow, smell the scent of treachery on anyone within 75 meters.

  3. Thank you, Mr. President. You are doing your job and we know you have our backs. We have yours, as well!

  4. like I said- the GOP will try again and again and again to undermine the Obama legacy by destroying the economy, starting a new middle-east war, and inciting racial division, hatred, and bigotry. thank god Obama’s word it pretty good. veto away mr president. he will not allow the GOP to sabotage the country. I think we will survive the next two years of GOP control. in 2016 we take back the senate and keep the Presidency. if the SCOTUS overturns the ACA, dems will also take back the house majority too. so, please proceed republicans and show America who you really care about.

  5. it seems to me that the GOP hate America and americans as much as they hate Obama. the only time republicans care about the ordinary citizen is when that citizen is a fetus prior to their birth. that’s all they care about. after you are born they could care less.

  6. Can you imagine the disaster America would have on its hands with a republicon in the White House? Vote and lets get a demo in the Oval again and take back Congress so we can really make progress.

  7. We are very lucky to have President Obama as the leader of this nation. He truly cares about everyone, since his agenda includes healthcare, economic stability, student loan reform, lgbt rights, daca for the undocumented immigrants, and so forth. There is still a lot of work to accomplish, but just like President Obama has stated, it is up to us to work hard for a better America. President Barack Obama 2008/2012, President Hillary Clinton 2016/ 2020, President Julian Castro 2024/2028

  8. Veto away, President Barry, and tell that bunch
    of repugs in Congress to bring it. Your pen is
    mightier than a bunch of Koch-suckers!!!
    Oh Glory.

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