25 Feb.
Obama took another swipe at lobbyists for the financial sector at a speech to the Business Roundtable, where he urged business leaders to support his effort to reform financial regulation.
He said, “We cannot repeat the mistakes of the past. We cannot allow another AIG or another Lehman to happen again. We can’t allow financial institutions, including those that take your deposits, to make gambles that threaten the whole economy. We must ensure consolidated supervision of all institutions that could pose a risk to the system. We must close loopholes that allow financial firms to evade oversight and circumvent rules of the road. And we need robust consumer and investor protections.
The lobbyists up on the Hill right now are trying to kill reform by claiming that it would undermine businesses outside the financial sector. That couldn’t be further from the truth. This is about putting in place rules that encourage drive and innovation instead of short-cuts and abuse. And those are rules that will benefit everyone.”
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