Today President Obama addressed Wall St. at Cooper Union College in NYC. He called for industry lobbyists to stop fighting consumer protection. From his statements::
“we have seen battalions of financial industry lobbyists descending on Capitol Hill, firms spending millions to influence the outcome of this debate. We’ve seen misleading arguments and attacks that are designed not to improve the bill but to weaken or to kill it. We’ve seen a bipartisan process buckle under the weight of these withering forces, even as we‘ve produced a proposal that by all accounts is a commonsense, reasonable, non-ideological approach to target the root problems that led to the turmoil in our financial sector and ultimately in our entire economy. ”
He also clearly laid out the for main principles of the financial reform bill
• Limiting the size of banks, and limiting their risky transactions
• Providing more transparency of financial transactions, particularly those related to opaque financial derivatives, which played a major role in creating market havoc in 2008
• Increased power of shareholders and pension funds that own company shares to determine the compensation of the executives in those companies.
We couldn’t agree with the President more. We just hope he uses his political weight to create a true watchdog that is independent and free to provide real protections for consumers. The bill will be coming to the floor soon for a vote. Now is the time to call your Senator and tell them to pass S. 3217 with no weakening amendments!