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Obama: I'll Veto Financial Reform Bill if it Doesn't Control Derivative Markets
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| Contributor | Scott³ |
| Last Edited | Scott³ Apr 17, 2010 02:59pm |
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| Category | News |
| Author | Brian Montopoli |
| Media | TV News - Columbia Broadcasting System CBS News |
| News Date | Friday, April 16, 2010 08:00:00 PM UTC0:0 |
| Description | "President Obama today vowed to veto any financial regulatory reform bill that doesn't bring "the derivatives market under control."
In remarks at the start of his meeting with his Economic Recovery team, the president said he wants financial regulatory reform legislation because "we can't allow history to repeat itself."
He said Americans should not have to step in and pay the price for the irresponsibility of speculators on Wall Street.
The decision facing lawmakers considering the bill, he said, is, "are they going to side with the special interests and the status quo, or are they going to side with the American people?"
The president said he wants a law that forces banks and financial institutions to pay for the bad decisions they make -- "and that means no more bailouts."
Mr. Obama said that while he would like a bipartisan bill, "bipartisanship cannot mean simply passing" a bill that includes lobbyist-driven concessions to Wall Street. He said special interests in the financial industry have allies among Republicans in Congress." |
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