Obama thanks banking committee for sending Wall Street regulation bill to full Senatehttp://abcnews.go.com/Business/wireStory?id=10173586President Barack Obama is praising the Democrats' massive Wall Street regulation bill as it heads to the full Senate.
The Senate Banking Committee approved the measure along party lines Monday.
The legislation would give the government unprecedented powers to split up firms considered a threat to the economy, put together a council of regulators to watch for risks in the financial system, and create an independent consumer watchdog.
http://www.politico.com/politico44/perm/0310/closer_on_financial_reform_e11a4812-cdd8-4262-baed-0d6b28c1a2b8.html“We are now one step closer to passing real financial reform that will bring oversight and accountability to our financial system and help ensure that the American taxpayer never again pays the price for the irresponsibility of our largest banks and financial institutions. For that I congratulate Chairman Dodd and the Senate Banking Committee.”
“By creating a new consumer agency, we will finally set and enforce clear rules of the road across the financial marketplace. And as this bill moves to the floor in the coming weeks, I will continue to fight to strengthen the bill and against attempts to undermine the independence of this agency. I will also oppose efforts to add loopholes that could harm consumers or investors, or that allow institutions to avoid oversight that is critical for financial stability. I urge those in the Senate who support these efforts to resist pressure from those who would preserve the status quo and to stand up for long overdue reform that will protect American families and the long term health of our economy.”
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