US President Barack Obama on Saturday said reform of Wall Street, the hub of the country's financial industry, will bring greater security to folks on Main Street and urged the US Senate to pass the reform bill as soon as possible.
In his weekly address to the nation, Obama said the financial reform bill moving through Congress will empower and protect American families with the strongest consumer financial protections in history.
It will level the playing field for community banks by making sure all lenders are subject to tough oversight and strengthen small businesses by curbing excessive risk taking on Wall Street, which will help protect credit for America's small businesses, he argued.
Noting that his responsibility as President isn't just to help the economy rebound from this recession, Obama said it is to make sure an economic crisis like the one that helped trigger this recession never happens again. "That's what Wall Street reform will help us do," he asserted.
Obama said the reform bill being debated in the Senate will not solve every problem in the financial system. "But what this strong bill will do is important and I urge the Senate to pass it as soon as possible, so we can secure America's economic future in the 21st century," he said.
The Wall Street reform bill in Congress represents the strongest consumer financial protections in history, he argued. "You'll be empowered with the clear and concise information you need to make the choices that are best for you. We'll help stop predatory practices and curb unscrupulous lenders, helping secure your family's financial future," he said.
"That's why families have a stake in it. And our community banks also have a stake in reform. These are banks we count on to provide the capital that lets our small businesses hire and grow," he said.
"The way the system is currently set up, these banks are at a disadvantage, because while they are often playing by the rules, many of their less scrupulous competitors are not. So, what reform will do is help level the playing field by making sure all our lenders - not just community banks - are subject to tough oversight. That's good news for our community banks, which is why we've received letters from some of these banks in support of reform," Obama said.
"With reform, we'll make our financial system more transparent by bringing the kinds of complex, backroom deals that helped trigger this crisis into the light of day. We'll prevent banks from taking on so much risk that they could collapse and threaten our whole economy," he said.