Obama Vows To Veto Any Republican Bill That Repeals Wall Street Reform

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obama wall street reform

President Obama made his position clear to Republicans in Congress. He will veto any bill that repeals or weakens Wall Street reform.

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The President said:

It’s been seven years since the worst financial crisis in generations spread from Wall Street to Main Street – a crisis that cost millions of Americans their jobs, their homes, their life savings. It was a crisis that cost all of us. It was a reminder that we’re in this together – all of us.

That’s how we’ve battled back these past six and a half years – together. We still have work to do, but together, we prevented a second Great Depression. Our businesses have created nearly 13 million jobs over the past 64 months. The housing market is healthier. The stock market has more than doubled, restoring the retirement savings of millions. Americans of all stripes buckled down, rolled up their sleeves, and worked to bring this country back. And to protect your efforts, we had to do something more – we had to make sure this kind of crisis never happens again.

That’s why five years ago this week, we enacted the toughest Wall Street reform in history – new rules of the road to protect businesses, consumers, and our entire economy from the kind of irresponsibility that threatened all of us. Five years later, here’s what that reform has done.

Wall Street Reform turned the page on the era of “too big to fail.” Now, in America, we welcome the pursuit of profit. But if your business fails, we shouldn’t have to bail you out. And under the new rules, we won’t – the days of taxpayer-funded bailouts are over.

Wall Street Reform now allows us to crack down on some of the worst types of recklessness that brought our economy to its knees, from big banks making huge, risky bets using borrowed money, to paying executives in a way that rewarded irresponsible behavior.

Thanks to Wall Street Reform, there’s finally an independent Consumer Financial Protection Bureau with one mission: to protect American consumers. Already, they’ve gone after predatory or unscrupulous mortgage brokers, student lenders, credit card companies, and they’ve won -putting nearly $11 billion back in the pockets of more than 26 million consumers who’ve been cheated.

So this law is working. And we’re working to protect even more families. Just this week, we announced that we’re cracking down on the worst practices of payday lenders on military bases, so that our troops and their families don’t wind up trapped in a vicious cycle of debt. As long as I’m President, I’m going to keep doing whatever I can to protect consumers and our entire economy from the kind of irresponsibility that led to the Great Recession in the first place.

None of this has been easy. We’ve had to overcome fierce lobbying campaigns from the special interests and their allies in Congress. In fact, they’re still trying everything to attack everything this reform accomplishes—from hiding rollbacks of key protections in unrelated bills, to blocking the financial cops on the beat from doing their job. And they continue to claim this Wall Street reform is somehow bad for business. But that doesn’t explain 13 million new jobs and a stock market near record highs. This law is only bad for business if your business model depends on recklessness that threatens our economy or irresponsibility that threatens working families. We can’t put the security of families at risk by returning to the days when big banks or bad actors were allowed to write their own rules. And if any bill comes to my desk that tries to unravel the new rules on Wall Street, I will veto it. We’ve worked too hard to recover from one crisis only to risk another.

In America, we should reward drive, innovation, and fair play. That’s what Wall Street reform does. It makes sure everybody plays by the same set of rules. And if we keep moving forward, not backward – if we keep building an economy that rewards responsibility instead of recklessness, then we won’t just keep coming back – we’ll come back stronger than ever.

The fact that Republicans and some corporate Democrats in Congress want to repeal the modest Wall Street reforms of Dodd-Frank highlights the importance of having a president who understands that things can never go back to the way that they used to be.

President Obama recognizes the basic fact that the loose regulatory environment of the previous decade caused the financial collapse that nearly destroyed the American economy. Anyone who believes that Wall Street reforms need to be repealed instead of strengthened is not fit to hold office.

Obama and his veto pen are the last line of defense that is preventing the Republican controlled Congress from setting the stage for another economic disaster. If Republicans want to challenge Obama and Congressional liberals on this issue, they are going to run into a brick wall.

14 Replies to “Obama Vows To Veto Any Republican Bill That Repeals Wall Street Reform”

  1. I love our president! While protecting the intrests of the american people, he dares republicans, to make fools of themselves. Then these idiots jump at the chance. Stupidity is contagious in the republican party.

  2. …lemme see…Wall Street has basically been makin’ out like unchained bandits since…Reagan???
    FLUCK WALL STREET!!! Time to focus on MAIN STREET!!!

  3. President Obama is a great man. Of course, this infuriates Republicans because there hasn’t been a great man from the GOP to inhabit the White House since Ike.

  4. I sincerely don’t know how President Obama can keep so cool, on so many levels, for years on end, against Reichwing evil.

    I was amazed that a White, Texan Democrat (Johnson) could barely keep it together, so long.

    President Obama, although I have dissension with some of his policies (TPP) is one of the top 5 Presidents to date.

  5. How the President does it? As for the charges against me, I am unconcerned. I am beyond their timid lying morality, and so I am beyond caring.

  6. Beware the fury of a patient man.
    – John Dryden.

    President Obama has been exceedingly Patient- now it’s payback.

    Sadly- he will undoubtedly be developing carpal tunnel from all of the veto signatures he’ll be doing soon.

  7. This is something else the President should veto.
    Will Native American religious freedom count as much as Hobby Lobby’s?
    Members of the San Carlos Apache tribe, as well as other members of the Apache nation and Native American groups, have exposed a national travesty on the part of Arizona senators John McCain and Jeff Flake, both Republicans. At the very last minute, the two senators attached a policy rider to a must-pass spending bill, the National Defense Authorization Act. That rider ended 60 years of federal protection of Oak Flat, an ancient Apache holy place located within the Tonto National Forest, and handed the land over to a private, Australian-British mining concern. It’s now a proposed site for a massive copper mining project.
    http://www.nytimes.com/2015/05/29/opinion/selling-off-apache-holy-land.html?_r=2

  8. I’ve heard of this but didn’t realize McCain was behind it. It’s time for McCain to go. Although I despise Trump, it’s true that McCain wasn’t nicknamed “Songbird” for no reason.

    Point is, someone who would compromise their principles then is not going to change their ways now.

  9. So remind me. What happened to that Citigroup drafted provision to allow more risky dealings by taxpayer-backed banks which was snuck into a spending bill last year? Did Obama exercise his veto pen over it?

  10. Yes Obama did sign the 2014 spending bill in order to prevent a government shutdown. Now if you are if favor of shutdowns then I van see why you are piss. BTW did you vote in 2014

  11. I’m eternally grateful the “protection” I am afforded under Dodd-Frank is costing me $2k/yr because I can’t refinance to a currently competitive rate (I retired at 42 and have little “income”). Too bad I am not irresponsible, greedy, upside down, behind on my payments and broke, then maybe I would get help.

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