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Obama Reiterates Wall Street Reform, Promises Stronger Economy
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April 24, 2010 7:23 a.m. EST
Topics: job layoffs, politics, regulatory policy and organization, labor, economy, business and finance, economy, employment, United States
Tejinder Singh - AHN News Correspondent
Washington, DC, United States (AHN) - President Barack Obama on Saturday reiterated the need for Wall Street reforms while the government is ending many emergency programs put in place to stabilize the financial sector and restart lending.
In his weekly radio address, Obama noted the announcement from General Motors that it has repaid its loan to taxpayers with interest five years ahead of schedule, disclosing, “It won’t be too long before the stock the Treasury is holding in GM can be sold, helping to reimburse the American people for their investment.”
With Chrysler Financial already fully repaying its loan, with interest, as well, Obama cautioned that while this is good news, it is also a reminder that the crisis in the auto industry was caused in part by problems in the financial sector.
The path that was followed to reach this positive state of affairs was not an easy one, Obama said. “GM and Chrysler went through painful restructurings: ones that required enormous sacrifices on the part of all involved.”
“They had to fundamentally reorganize, with new management that would reexamine the decisions that led to this mess and chart a path toward viability. I knew this wasn’t a popular decision. But it was the right one,” the president said.
Obama mentioned the reason behind his trip to New York his address to “an audience that included leaders in the financial industry,” as need “for reforms to hold Wall Street accountable and to protect consumers.”
Obama noted, “In the absence of common-sense rules, Wall Street firms took enormous, irresponsible risks that imperiled our financial system–and hurt just about every sector of our economy,” adding, “Some people simply forgot that behind every dollar traded or leveraged, there is family looking to buy a house, pay for an education, open a business, or save for retirement.”
To help prevent another crisis, the president urged Congress to enact reforms that hold Wall Street accountable and protect consumers.He ended on an optimistic note, expressing the belief that “after two very difficult years – we’ll not only revive the economy, but help to rebuild it stronger than ever before.”
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