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Obama calls for passage of Wall Street reform bill

President Barack Obama used his weekly address to focus on Wall Street reform, saying on Saturday that the bill moving through Congress would empower and protect American families with the strongest consumer financial protections in history.

Obama said that heated and misleading rhetoric from opponents of reform has helped obscure what it would actually mean for Americans.

"First and foremost, you have a stake in it if you've ever been treated unfairly by a credit card company, misled by pages and pages of fine print, or ended up paying fees and penalties you'd never heard of before. And you have a stake in it if you've ever tried to take out a home loan, a car loan, or a student loan, and been targeted by the predatory practices of unscrupulous lenders," he said, urging the Senate to pass the bill as soon as possible.

Rep. Chris Lee of New York delivered the Republican response, using the address to criticize spending. "After leaving taxpayers on the hook for massive 'stimulus' programs and permanent bailouts, Democrats in Washington have no credible plan to put our fiscal house in order," he said. "The fewer sacrifices Washington makes now, the more Americans will be asked to give up later, in the form of massive, job-killing tax hikes."

Obama calls for passage of Wall Street reform bill 05/15/10 [Last modified: Saturday, May 15, 2010 11:15pm]

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