Obama's Weekly Address - Implementing Wall St Reform
Source: ABC News (via Yahoo)
In the wake of JP Morgan Chase's staggering trading loss, President Obama is urging Republicans to "keep moving forward" and finish implementing Wall Street reform.
"We can't afford to go back to an era of weak regulation and little oversight, where excessive risk-taking on Wall Street and a lack of basic oversight in Washington nearly destroyed our economy. We can't afford to go back to that brand of 'you're-on-your-own' economics. Not after the American people have worked so hard to come back from this crisis," the president said in his weekly address.
The financial overhaul of 2010 is a key component of the president's campaign as he seeks to contrast his record on the economy with that of his GOP rival Mitt Romney.
"We've put in place Wall Street reform with smarter, tougher, commonsense rules that serve one primary purpose: to prevent a crisis like that from ever happening again. And yet, for the past two years, too many Republicans in Congress and an army of financial industry lobbyists have actually been waging an all-out battle to delay, defund and dismantle Wall Street reform," Obama said.
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