WASHINGTON (CNNMoney.com) - Just a month after taking office, President Obama asked Congress to move fast to reform the "outdated" system of financial oversight and install "tough, new common-sense rules of the road" for Wall Street.
Now, as Obama gave a major address on Monday marking the one-year anniversary of the Lehman Brothers collapse, things haven't advanced very far.
Obama urged Congress to pass his proposed reforms.
"We have to live up to our responsibilities on financial reform," he said. "There will be those who argue we should do less or nothing at all. But
to them I'd say only this: Do you believe that the absence of sound regulation one year ago was good for the financial system? Do you believe the resulting decline in markets and wealth and employment was good for the economy? Or the American people?"
(CNN) – With rumors flying that Rudy Giuliani might make a run at Kirsten Gillbrand's Senate seat next year, the New York Democrat's campaign isn't wasting a chance to raise some cash off the polarizing former mayor.
Just hours after the New York Post reported that Giuliani is being urged by state Republicans to enter the Senate race, Gillibrand's finance director Russ Offinger fired off an e-mail to supporters on Monday asking them to open their wallets to help fend off "one of the biggest attack dogs" in the GOP.
"From day one of her appointment to replace Hillary Clinton, Republicans have set their eyes on this seat," Offinger said in the e-mail. "Now they are prepared to run one of the biggest attack dogs in the Republican Party against Kirsten. "
Calling Gillibrand "a leading progressive voice in the Senate," the note urges readers to click on a link to donate to the campaign.
NEW YORK (CNN) - President Barack Obama called Monday for closer international cooperation both to contain the current financial crisis and prevent it from repeating in the future.
"We need to close the (regulatory) gaps that exist not just within this country but among countries," he told an audience of key financial and
political leaders at New York City's famed Federal Hall on Wall Street.
"We know that abuses in financial markets anywhere can have an impact everywhere. ... Just as gaps in domestic regulation lead to a race to the bottom, so too do gaps in regulation around the world. Instead, we need a global race to the top, including stronger capital standards."
Obama noted that he will push for new measures at next week's Group of 20 economic meeting in Pittsburgh, Pennsylvania.
NEW YORK (CNNMoney.com) - The bailouts have largely stabilized the financial system, but regulatory reform is needed to prevent another similar crisis from happening again, said President Obama in a speech delivered Monday on Wall Street.
Marking the anniversary of the Lehman Brothers collapse, which set off a series of events that led to last fall's financial crisis, Obama talked about the state of the economy one year later.
"Although I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break," said Obama. "In fact, while there continues to be a need for government involvement to stabilize the financial system, that necessity is waning."
Taxpayers have lent hundreds of billions of dollars to systemically significant financial institutions and trillions more in lending programs aimed at easing the tight grip on lending. Obama said bailout money is flowing back to taxpayers, but "that doesn't mean taxpayers will escape the worst financial crisis in decades unscathed," he said.
(CNN) – Another Massachusetts Democrat is bowing out of the race to fill Ted Kennedy's Senate seat.
Rep. John Tierney released a statement Monday saying he can "best be of service in the U.S. House of Representatives."
"Since the passing of Senator Kennedy, a great number of people have kindly urged me to run for the United States Senate," Tierney said. "Such an opportunity comes open perhaps only once in one's lifetime. I have given the matter serious consideration, and while thankful for all of the confidence shown, today I am stating that, at this time, I shall not be a candidate in the special election for the U.S. Senate."
Tierney's decision not to run leaves three Democrats likely to seek Kennedy's seat: Massachusetts Attorney General Martha Coakley officially declared her candidacy last week, while Reps. Stephen Lynch and Michael Capuano have picked up papers to run for the seat.
WASHINGTON (CNN) – As President Barack Obama gives a speech on the economy Monday in New York City, a new national poll indicates that a slight majority of Americans approve of the way the president is handling the issue.
Fifty-four percent of people questioned in a CNN/Opinion Research Corporation survey (pdf) say they approve of how Obama's dealing with the recession, with 45 percent saying they disapprove. The 54 percent figure is up 5 points from late last month but down from the 59 percent
who approved of how the president was handing the economy in March.
President Obama's approval rating on the economy is separate from the approval rating on his overall job as president.
The poll was conducted Friday through Sunday, after Obama's prime time address to a joint session of Congress.
(CNN) – With seven weeks until election day, a new poll of likely New Jersey voters indicates Republican challenger Chris Christie holds an eight point lead over incumbent Democrat Gov. Jon Corzine.
According to a Monmouth University/Gannett New Jersey poll, 47 percent of likely voters in the Garden State back Christie, the former federal prosecutor in New York, for governor, with 39 percent supporting Corzine - who's fighting for a second term as governor - and five percent backing independent candidate Chris Daggett.
Christie's eight point lead is down from a 14 point advantage he held in a Monmouth University survey in August.
The survey suggests that Christie leads Corzine 82 percent to 8 percent among Republicans and that Corzine has built up his support within his own party and now leads Christie among Democrats 77 percent to 8 percent.
The poll also indicates Christie ahead among Independents, 45 percent to 30 percent. Christie's 15 point lead among Independents is down five points from last month.
"A Republican holding a steady poll lead is unprecedented in recent New Jersey elections and this shouldn't be discounted. But the results also indicate there is a lot of churning in this electorate. Despite the incumbent's continued unpopularity, there is still a sense that anything can happen," said Patrick Murray, director of the Monmouth University Polling Institute.
When all registered voters are considered, not just those likely to vote in November, the survey suggests a dead heat, with 41 percent backing Corzine, 40 percent supporting Christie and six percent backing Daggett.
The Monmouth University/Gannett New Jersey Poll was conducted September 8-10, with 752 New Jersey registered voters questioned by telephone. The survey's sampling error is plus or minus 3.6 percentage points for registered voters and plus or minus 4.3 percentage points for the 531 likely voters questioned in the poll.
WASHINGTON (CNN) - Talk about a power lunch.
President Obama will meet for lunch Monday with former President Bill Clinton in New York City, the White House confirmed.
The two men are slated to meet after Obama gives a speech on the economy at Federal Hall in lower Manhattan.
Both attended a memorial service in New York City last week for Walter Cronkite.
INDIANOLA, Iowa (CNN) - Sen. Al Franken, D-Minnesota, the former comedian who has largely put the funny business on hold as he plays catch-up due to his late arrival in Washington, proved to a Iowa crowd Sunday that he's still got it.
The "Saturday Night Live" alum and Minnesota native was the keynote speaker at Iowa Sen. Tom Harkin's annual Steak Fry party fundraiser.
For obvious reasons, this year's speeches centered largely around health-care reform.
Harkin was recently named chairman of the Senate Health, Education, Labor, and Pensions Committee, taking control of the seat held by the late Sen. Ted Kennedy.
Also a member of that committee now, Franken, in his deadpan delivery, used sarcasm to highlight the importance of the post.
"Its not really that big a deal," he said to laughter, as he slowly went through the list of the group's topics. "I mean, it's only health. Education. Labor. And pensions. I mean, who really would care about those things? Except for maybe people who are concerned about their health or their kids' health or maybe want their kids to go to, oh, a good school, or I don't know, people who work."
The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world.
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