Remarks by the President on Wall Street Reform
Good morning, everybody. In a few moments I’ll depart for Canada to take part in a summit with the G8 and the G20 nations. This is the third G20 summit we’ve held since I was sworn in as President.
At our first meeting, in London, with the world in the grips of the worst financial crisis of our time, we acted boldly and swiftly to bring our economy back from the brink. At our second meeting, in Pittsburgh, with our recovery beginning to take hold, we agreed to work to pursue a balanced pattern of global growth, and repair our financial systems.
This weekend in Toronto, I hope we can build on this progress by coordinating our efforts to promote economic growth, to pursue financial reform, and to strengthen the global economy.
We need to act in concert for a simple reason: This crisis proved, and events continue to affirm that our national economies are inextricably linked. And just as economic turmoil in one place can quickly spread to another, safeguards in each of our nations can help protect all nations.
I’m gratified we’ve made great progress towards enacting these safeguards here at home. Because of the incredibly hard work of Chairman Dodd and Chairman Frank, and the strong leadership of Chairwoman Lincoln and Chairman Peterson, and the great efforts of the conferees and members of both parties — who were up very late last night — we are poised to pass the toughest financial reform since the ones we created in the aftermath of the Great Depression. Early this morning, the House and Senate reached an agreement on a set of Wall Street reforms that represents 90 percent of what I proposed when I took up this fight.
Now, let me be clear. Our economic growth and prosperity depend on a strong, robust financial sector, and I will continue to do what I can to foster and support a dynamic private sector. But we’ve all seen what happens when there’s inadequate oversight and insufficient transparency on Wall Street.
The reforms making their way through Congress will hold Wall Street accountable so we can help prevent another financial crisis like the one that we’re still recovering from.
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