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Obama presses case for financial regulation

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Michael A. Fletcher
Washington Post
Saturday, Dec 12th, 2009

President Obama praised the House for passing legislation tightening regulation of the nation’s financial system and called on the Senate to do the same, while pressing the nation’s big banks to ease their opposition to regulatory reform in his Saturday radio and Internet address.

The economy is showing increasing signs of recovering from the worst financial crisis since the Great Depression, but with the nation’s unemployment rate at 10 percent, many Americans are not benefiting from that improvement.

Meanwhile, the nation’s biggest banks, which were rescued by huge government bailouts, have returned to making big profits and paying huge executive bonuses.

But rather than support legislation aimed at curbing the practices that contributed to the downturn, the banks have spent hundreds of millions of dollars to oppose it.

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This article was posted: Saturday, December 12, 2009 at 5:07 am





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