President Obama on House financial reform bill
As our colleague Jim Puzzanghera reports, the House of Representatives today approved the most sweeping overhaul of financial regulations since the Great Depression. Here is President Obama's statement on the House's action, as prepared by the White House:
I commend the House of Representatives for passing The Wall Street Reform and Consumer Protection Act of 2009. This legislation brings us another important step closer to necessary, comprehensive financial reform that will create clear rules of the road, consistent and systematic enforcement of those rules, and a stronger, more stable financial system with better protections for consumers and investors.
The Senate is working on similar legislation, and I urge both houses of Congress to pass this necessary reform as quickly as possible on behalf of the American people. I look forward to signing a strong bill that establishes and enforces clear rules; closes the loopholes that allowed Wall Street firms and other creditors to game the system and evade accountability; protects consumers and investors from predatory lending and deceptive financial practices; and gives the government the necessary tools to prevent any institution from posing a risk to the whole system or making the American taxpayer collateral damage in the event of future turmoil.
The crisis from which we are still recovering was born not only of failure on Wall Street, but also in Washington. We have a responsibility to learn from it, and to put in place reforms that will promote sound investment, encourage real competition and innovation, and prevent such a crisis from ever happening again. That's how we will build a stronger foundation for our lasting growth.
-- Steve Padilla
Photo credit: AFP/Getty Images.