May 20th, 2010
04:57 PM ET
12 years ago

Obama praises Senate vote on Wall Street reform

[cnn-photo-caption image= caption="President Obama praised a Senate vote on Thursday that cleared the way for a final vote on Wall Street reform."]Washington (CNN) - President Barack Obama on Thursday praised a Senate vote that cleared the way for Wall Street reform to head to a final vote.

"Over the last year, the financial industry has repeatedly tried to end this reform with hoards of lobbyists and millions of dollars in ads, and when they couldn't kill it they tried to water it down with special interest loopholes ... aimed at undermining real change," Obama told reporters Thursday. "Today, I think it's fair to say that these efforts have failed."

Wall Street reform cleared a crucial test vote on Thursday, all but assuring final Senate passage of the most sweeping regulatory overhaul since
the New Deal. The Senate voted 60 to 40 to meet the threshold to overcome filibusters and send the measure to a final vote within days.

The legislation aims to stop bailouts, shines a light on complex financial products and strengthens consumer protection. Final passage, which is likely to come within days, requires only 51 votes.

Obama said that, while there's still more work ahead, he "will ensure that we will arrive at a final product that is both effective and responsible - one that holds Wall Street to the highest standards of accountability and secures financial stability."

"Our goal is not to punish the banks but to protect the larger economy and the American people from the kinds of upheavals that we've seen in the past few years," Obama added. "And today's action was a major step forward in achieving that goal."

Filed under: President Obama • Wall Street
soundoff (28 Responses)
  1. Sniffit

    Now watch Wall Stret start firing people and locking up credit even further in order to punish Congress and Obama. Just watch. I've got my popcorn and my outrage ready.

    May 20, 2010 05:03 pm at 5:03 pm |
  2. Bob Pacific Grove, Ca

    Health Care reform, Finance reform........republicans: how does it feel to be irrelevant?

    May 20, 2010 05:06 pm at 5:06 pm |
  3. Brian Steele

    The EU Euro: Greece, Germany, et al. Lessons, stategies and tactis for America to abide by in order to avert financial catastophe.

    May 20, 2010 05:11 pm at 5:11 pm |
  4. Hammerer

    It is time for the news media to renew their sales campaign about Obama's intelligence. The truth is begining to show and people are seeing that he is not as represented. He can not or will not make a statement without his teleprompter to provide his thoughts. Does not have the ability to speak on a subject without hours to prepare. Says he needs to study first but the truth is he lacks the knowledge. Ever notice that he will not answer questions that are not prearranged? Like a spontaneous news conference. Does not happen. Can not answer without coaching!

    May 20, 2010 05:13 pm at 5:13 pm |
  5. Gil

    Despite the do nothing again and stalling tactics of the Party of No, maybe we can correct the mess that the bush years of deregulation brought us too. Of course, if the Party of No stalls long enough they may be able to destroy the finanacial world this second time!

    May 20, 2010 05:17 pm at 5:17 pm |
  6. Steve (the real one)

    Is this Wall Street reform or finance reform? If it doesn't include Fannie Mae and Freddy Mac, this will soon go the same route as PAYGO! Does Wall Street need to be cleaned of wrong doing ABSOLUTELY! Does the government need to be cleaned up of wrong doing? ABSOLUTELY! Is it easier for the government to focus on others rather than themselves? ABSOLUTELY!

    May 20, 2010 05:27 pm at 5:27 pm |
  7. BobH

    It's about time. I only wish they could have set a limit on bank size and made derivatives trading legal only if you have the funds to cover the bet.

    Still, this is a big step forward.

    May 20, 2010 05:28 pm at 5:28 pm |

    Yes WE Can!!!!

    May 20, 2010 05:33 pm at 5:33 pm |
  9. In the West

    The right wingers whine and wail while President Obama and the Democrats keep getting things done. It feels good to have a government actually working for the majority of the people of our great nation, instead of serving a small group of business and religious elites.

    May 20, 2010 05:33 pm at 5:33 pm |
  10. Rick McDaniel

    The dictator tightens his control on the country.

    May 20, 2010 05:37 pm at 5:37 pm |
  11. Former Republican

    Once again the Republicans are the party of Wall Street! How can the GOP blame Obama for preventing another depression with the stimulus and then be against financial reform? The party of no!

    May 20, 2010 05:37 pm at 5:37 pm |
  12. independent

    Any wall street bill that does not differentiate between long term gains, short term gains and ultra-short term gains will not solve the problems affecting market volatility across all markets. We need a tax rate on ultra-short term gains that reduces the incentive to make profits which destablize the markets.

    May 20, 2010 05:39 pm at 5:39 pm |
  13. Mark from Louisiana

    Forget about open-heart surgery or cutting-edge cancer treatments. Under Obamacare, you might have a hard time finding a hamburger. A statement released by White Castle, the Ohio-based burger chain, highlights how damaging Obamacare would be to small businesses and to Americans' job prospects.

    White Castle reports that a single provision of Obamacare would cut its net income in half - and then some. Jamie Richardson, a White Castle executive, says, "We’ve been working on this internally from a number of different perspectives. One [provision] that has [us] the most concerned is the $3,000 penalty that kicks in when an employee’s portion of a premium exceeds 9.5% of Household Income." Richardson elaborates, "In present form, this provision alone would lead to approximate increased costs equal to over 55% of what we earn annually in net income (based on [our] past 4-year average). Effectively cutting our net income in half would have [a] devastating impact on the business - cutting future expansion and more job creation at least in half. Sadly, it makes it difficult to justify growing where jobs are needed most - in lower income areas." And that's all from just a single provision in a 2,700-page act.

    May 20, 2010 05:42 pm at 5:42 pm |
  14. silvertop

    Why is it that I am not elated for this announcement that opposition to financial reform failed? Because Fannie Mae and Freddi are exempt from this, they the culprit of dragging our economy down, they the friends of Chris Dodd the sponsor of this bill and Barnie Frank. Secondly, They got the last 60th vote from Scott Brown by promising him that Massachusette will get some exclusion. Same play book that was used on Senator Nelson and Lincoln to get the healthcare bill passed.

    Why should principle and fair play be compromised in order to pass something? Reform is good, but by any means?

    May 20, 2010 05:46 pm at 5:46 pm |
  15. Jim

    I stand in awe of Pres. Obama's achievements in just 16 months! Few Presidents (except perhaps Franklin Roosevelt) have accomplished so much in such a short time – despite unyielding and unhelpful GOP opposition.

    He saved our economy from a free-fall, preserved the automobile, housing and banking industries, implemented historic healthcare reform, redirected our strategy in Iraq and Afghanistan and negotiated nuclear weapons controls. Soon the Congress will pass this landmark financial regulatory reform. Work is still needed on immigration reform, energy policy, environmental reform, education policy, etc. Given Pres. Obama's iimpressive track record, I am confident we will see progress in those areas too.

    May 20, 2010 05:49 pm at 5:49 pm |
  16. Victim of GOP Taliban

    Get your facts straight Neo-Con's. The bill is NOT a bail-out. Stop drinking that ClusterFox Cool-Aid.

    May 20, 2010 05:55 pm at 5:55 pm |
  17. stevegee

    Let's see the federal government runs the Post Office, Social Security, Medicare and Medicaid and those are all bankrupt ... and now they want to run Wall Street. Welcome to Greece, people.

    May 20, 2010 06:06 pm at 6:06 pm |
  18. phoenix86

    One step closer to the end of the US economy. Thanks Obama.

    May 20, 2010 06:09 pm at 6:09 pm |
  19. Lillie

    This bill is full of pork barrel items and Obama lies, lies, lies. He is a liar and has broken promises from day one. This is the most corrupt secretive administration we have ever had. Rachael Maddow is an idiot along with Olberman and just takes one day to catch up on all the liberal lies and hype....before you realize the entire main stream media has no journalism character left...they are guided by what OBama and GE tells them to say when they wake up in the morning.

    IF they reported half the truth we might stand a chance. Of course this won't will be moderated out...cuz' the only thing CNN puts up is people who agree with them

    May 20, 2010 06:13 pm at 6:13 pm |
  20. Lillie

    If they really wanted to do something for the country the Senate would pass laws that woudl require the banks write down mortgages to what market values are for all. This truly is the biggest bank heist in American History and has separated the rich from the middle class to the rich vs. the poor.
    The only people that got rich was teh banks and we the poor taxpayers paid to make them rich...very rich including OBama..the next corrupt bill will be Cap and Trade. We did not cause the losses the banks did and all we did was reward them for it...and the Senate, President is not paying for this we are.
    If htey punish the banks we will still pay for it...they'll just raise fees, borrow money for free and invest in foreign countries, make themselves rich on free money while we pay for it...and them pay it back and put their profits in foreign banks to avoid profits and taxes.

    People need ot educate themselves a little more and wake up and realize OBama and all his croonies are part if this bank heist.

    May 20, 2010 06:20 pm at 6:20 pm |
  21. Cynthia - Arkansas

    We all saw who the Republicans were backing. When will people wake up and realize that unless you're rich, you don't matter to them.

    Thank God we have Democrats that have finally learned how to stand up against them. It is time this country stops running on GREED and gets back to honest business practices.

    May 20, 2010 06:31 pm at 6:31 pm |
  22. Rob Johnson

    Let the Republicans try to justify their votes on this one in November. Can't you see the Democratic ads now?

    A montage of closed factories and foreclosed houses plays in the background, while one of those voiceover guys says....

    "While the citizens of INSERT STATE HERE were struggling to make ends meet, INSERT REPUBLICAN HERE voted to protect Wall Street fatcats instead of working for people on Main Street."

    Let the GOP have the healtcare issue as their rallying cry. If I'm a Democrat, I would counter with this issue and beat the Republicans all day long with it.

    May 20, 2010 07:00 pm at 7:00 pm |
  23. ib

    If you are so interested in reform Obama why aren't Freddie May and Mac included in this bill???DUH!!!!!!!!!!!

    May 20, 2010 07:41 pm at 7:41 pm |
  24. Gerry NH

    Don't do it the way you did healthcare. There are some bad things in the reform bill (Volker clause).

    May 20, 2010 07:48 pm at 7:48 pm |
  25. haren

    Artificially bringing Market down to scare every body is the game played on wall street by bankers and their speculators.
    And do you think that Europe will allow Greece to go bankrupt?
    it is time to jump in to the market because economy is good.
    More people have started coming in to job market as company are hiring again, and that is the reason unemployment number are up.

    May 20, 2010 08:00 pm at 8:00 pm |
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