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Obama: Consumers lose if financial law repealed

WASHINGTON — President Barack Obama said Saturday that consumers would lose if Republicans regain power in Congress and try to roll back his hard-won Wall Street overhaul.

He said the GOP's promised repeal of the law would mean the return of a financial system whose near-collapse led to the worst recession since the Depression.

"Without sound oversight and commonsense protections for consumers, the whole economy is put in jeopardy," Obama said Saturday in his weekly radio and Internet address. "That doesn't serve Main Street. That doesn't serve Wall Street. That doesn't serve anyone."

The law passed despite nearly unanimous Republican opposition. It sought to rein in a financial system that had sped ahead of outdated rules, allowing banks, traders and others to take increased risks.

Separate legislation tackled bank overdraft fees and abuses such as retroactive interest rate increases on credit card balances.

The financial overhaul law came in the wake of a $700 billion bank rescue passed in the final months of George W. Bush's presidency. While the bailout is credited with providing stability, it is deeply unpopular with voters angry at taxpayer money being used to help prop up huge banks.

Obama promised that the measure ensures that taxpayers will "never again be on the hook for a bailout."

In the GOP's weekly message, Sen. John Thune of South Dakota denounced Obama's economic stimulus bill, overhaul of the health care system and plans to allow Bush-era tax cuts for wealthier people to expire.

"We have learned the lessons not only of what hasn't worked over the past two years, but what didn't work the last time Republicans controlled Congress," Thune said. "We are determined to take this country in the right direction."

Added Thune: "Are you better off today than you were two years ago?"

Obama: Consumers lose if financial law repealed 10/23/10 [Last modified: Saturday, October 23, 2010 11:49pm]

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