April 22nd, 2010
12:39 PM ET
12 years ago

Obama asks Wall Street to back reform

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/04/22/art.obama0422.gi.jpg caption ="President Obama called on the financial industry Thursday to support his efforts to enact new regulatory reforms or risk repeating the ‘failure of responsibility’ that nearly brought down the nation's economy."]New York (CNNMoney.com) - President Obama called on the financial industry Thursday to support his efforts to enact new regulatory reforms or risk repeating the "failure of responsibility" that nearly brought down the nation's economy.

"I believe in the power of the free market," Obama said in a speech at Cooper Union, not far from the New York Stock Exchange. "But a free market was never meant to be a free license to take whatever you can get, however you can get it."

The highly anticipated speech cames as Obama and Democrats in Congress are pushing to get a reform package approved this year, with talk that there may be support from at least some Republicans. The House passed a regulatory reform bill in December, and the Senate version is currently being debated.

The reforms the administration has proposed represent a "significant improvement on the flawed rules we have in place today," Obama said. But that push get those reforms enacted has had to contend with "the furious efforts of industry lobbyists to shape them to their special interests."

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Filed under: President Obama • Wall Street
soundoff (80 Responses)
  1. If We Can Defeat Him On Health Care It Will Be His Waterloo

    Glenn Koons: The SEC protects gullible investorsm, however no federal agency can protect racist liars.

    April 22, 2010 02:44 pm at 2:44 pm |

    You just have to love these politicians.They can't even clean up their own house (Congress) before going after the crooks on Wall Street.And the sad thing about this is most people don't hold them accountible.The other point is that the O'bama administration is loaded up with people that made fortunes on Wall Street.They aren't going to hurt their friends.What is that unemployment rate,again?

    April 22, 2010 02:52 pm at 2:52 pm |
  3. Raghib Abdul-Shakoor

    Its a crying shame that we have Obama haters on this blog, I have a idea for you, go to fox news sites and put your poison statements on there websites, thanks.

    April 22, 2010 03:01 pm at 3:01 pm |
  4. RLE

    always room for idiots on the blog; people who throw slurs and never offer up anything with substance looks like it happened all over again. the elephant in the room has always been race so stop pretending like it isn't. if the President were a white man he would have received so many accolades for being a president for the people but instead slurs are constantly thrown. I am proud of my president and I think he is the best we have evr had in the United States.

    April 22, 2010 03:10 pm at 3:10 pm |
  5. jbakaregit

    To the poster Obama the Liar, I thought President Obama was a marxist, communist, bolshevik, stalinist, and a federalist? Thanks for the update. The scary word of the week for Obama is back to "socialist." Gotcha.

    And to the poster Obama the Liar, I do agree with you on one thing - spending. President Obama needs to quit the spending on Iraq and Afghanistan by continuting to wind them down and ending them. We've wasted nearly a trillion on Iraq alone.

    April 22, 2010 03:12 pm at 3:12 pm |
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