Obama warns GOP not to undo Wall Street law

Sunday, October 28, 2012

WASHINGTON (AP) — President Barack Obama is warning congressional Republicans not to undo financial rules he signed two years ago and he's taking specific note of the work of a consumer agency created by the new law.

In his Internet and radio address Saturday, Obama drew attention to the Consumer Financial Protection Bureau, noting that it and other regulators recently cracked down on three credit card companies, ordering them to pay $400 million to people who were misled into making purchases they didn't want.

"Sadly, that hasn't been enough to stop Republicans in Congress from fighting these reforms," Obama said. "Backed by an army of financial industry lobbyists, they've been waging an all-out battle to delay, defund and dismantle these new rules."

Obama often reminds campaign audiences of his push for new restrictions on Wall Street, changes that passed Congress despite widespread opposition from Republicans.

Obama, sounding much like a consumer advocate, also informed listeners that they can now contact the consumer bureau to seek redress over problems with credit scores.

In the Republican address, Missouri congressional candidate Ann Wagner promoted Mitt Romney for president, called for changing the U.S. tax code, which she called a "72,000-page monstrosity," and urged the repeal of Obama's health care law. Wagner is seeking a seat vacated by Republican Todd Akin, who is running for the Senate.

"He promised to listen, promised us change, but all we've gotten is more of the same," she said of Obama. "More spending, more red tape, more debt and decline."

Online:

Obama address: www.whitehouse.gov

GOP address: http://www.youtube.com/watch?v=P4cCrokXDFI

More like this story

spelchek 6 months, 3 weeks ago

The one that added new fees to consumers to make up for the new mandates prescribed by the new law?

tonto_goldberg 6 months, 3 weeks ago

Examples?

spelchek 6 months, 3 weeks ago

Sigh......Common sense says when gov't imposes new financial burdens on business that instinctively the business turns around to make up for the new burdens via cost to consumer or reducing their work force. They're always one step ahead of gov't, and thank God because nobody would be in business if they weren't.

standardandpoors.com/ratings/articles/en/us/?articleType=HTML&assetID=1245338539029

tonto_goldberg 6 months, 3 weeks ago

That is not common sense, but a clumsy rationalization after the fact. Why have you turned so gullible all of a sudden? Banks will use whatever strained logic they can think up to make money. The difference is that the new law will require banks to disclose any new fees they impose.

Paroquet 6 months, 3 weeks ago

Grace, I don't see anything irrational in tonto's post. Why do we have so many safeguards and sanctions existing and ongoing with respect to banks? Because they will cheat at every turn.

You're comparing businesses to people now? How do you feel about strip clubs? You aren't a racist, by your own words, are you?

tonto_goldberg 6 months, 3 weeks ago

"Corporations are people, too, my friend..."

tonto_goldberg 6 months, 3 weeks ago

You have forgotten the bank and investment company fraud that crashed the economy in 2008? The big fines and plea bargains with the SEC? The failure of AIG and Countrywide?

JCLifer 6 months, 3 weeks ago

Health care flexible spending account maximums for tax savings have been capped at $2500 for 2013 because of a provision in ObamaCare. This means my family will probably have to pay an additional tax of nearly $1,000 next year due to ObamaCare.

That is on top of the 2% wage cut that workers will feel on January 1 because of Obama's monkeying with the Social Security deductions.

Interesting how neither of these things are being discussed by the mainstreem liberal media, and also interesting how they both kick in right after the election. That Obama is sneaky.

This clown has got to go.

Paroquet 6 months, 3 weeks ago

So...what you are saying is that you and yours are uninsured and relying on taxpayers in the event of a catastrophic illness or accident?

JCLifer 6 months, 3 weeks ago

Not at all. Try reading again more slowly.

tonto_goldberg 6 months, 3 weeks ago

Monkeying with the Social Security deductions? Disingenuous much? That change in Social Security tax is a reinstatement of the "normal" tax rate after a "holiday" - you know, to help sh ore up the Social Security System. Maybe you didn't know that....

The mainstream media has been all over this, so how could you have missed it?

RobHunterJohnson 6 months, 3 weeks ago

The Economic Growth and Tax Relief Reconciiliation Act of 2001, Bush 2 shoved this down everybodys throats, and changed our tax rates in 4/2002 what is YOUR PROBLEM, Obama is messing with Social Security? The REASON ONCE AGAIN WAS A REPUBLICAN CONGRESS IN 2011! The Republicans cannot seem to get it together? This would not have happened except more BULL from our congress, or is that your congress? The reduction was from $62 dollars on $1000, to $42 on a thousand! We got a good benifit from it because working people SPENT the $20 bill,Helping to stimulate the Economy, which happens to be the ENGINE which will get us out of the mess BUSH 2 left this country in during January of 2009! Rob

JCLifer 6 months, 3 weeks ago

Explain your belief that cutting SS contributions helps to "sh*ore up Social Security".

RobHunterJohnson 6 months, 3 weeks ago

It was not intended to sh or e up SS, it was to put $20 bills out there to be SPENT, and that is what it did, $20 ON EVERY $1000 OF WAGES to be spent on anything and everything. I spend mine. you spend yours, if you are working, maybe you got some of it or the employer add a job, ect! It manifested itself once again from a failed Republican Congress in 2011. Bush 2 used something similar in 2001, Economy Act of 2001? Why don't the Republicans come to the table? The Tea Party played the biggest role in the Recovery that continues to go forward even with out them lifting a finger, just think how good it could be if they had not settled in on Failed Policies, G Norquists, NO NEW TAXES, The Party of NO, Obama will be a one term President, and all the other stuff they have come up with from their fantasy position? JC you and I can see Eye to Eye to on some items, no where near to close on others, but we can communicate, that is something that 2 or 3 on this page cannot, willnot, or refuse to even attempt to try! That is what is wrong with the Republican Congress! We have problems to fix, not just throw away, or ignore? If we look at the Republican controlled House they have failed on every level, they have failed us all! Vote OBAMA IN 2012! Rob

spelchek 6 months, 3 weeks ago

I would agree with you Rob, but then we'd both be wrong.

RobHunterJohnson 6 months, 3 weeks ago

SS cut is probably the only thing that has kept this economy going, as for Ryan he is a big part of the problem, remember he has a high ranking position in our congress, he should have been LEADING instead he was on the same Band wagon dragging FAILED POLICIES, Pledges to someone othe than Our Country, (NORQUIST) NO NEW TAXES, ( we have to pay for what we got whether we like it, or not ) the Republicans have MORFED into the party of NO!!!! How about them all standing with Rush, (I hope he fails?) or Mitch McConell with his one term president? Now you in your haste want to place the Boy Wonder of the Rebublican Congress in an even higher place? Just remember if you are over 60 you need not listen! Well I have, so keep on collecting your SS, Posting away, and when they sc re w us, I will be here to tell you were so WRONG! OBAMA/McCASKILL 2012! Rob

spelchek 6 months, 3 weeks ago

"Why don't the Republicans come to the table?" -- Paul Ryan did with a written plan and the Senate will have nothing to do with it besides take pot shots. The house has passed multiple bills only to see them die in the Senate.

spelchek 6 months, 3 weeks ago

"We have problems to fix, not just throw away, or ignore?" -- Should have told that to the democrats when they started owning congress in 2006 and then complete control to pass anything they wanted to (which they did) from 2008-2010. Scary part is, compared to previous democrat presidents Obama is awful and you can't see or admit that. Clinton signed bills given to him by a republican congress which gave him 8 years in office. Obama apparently doesn't study history.

JCLifer 6 months, 3 weeks ago

I would imagine most folks used that extra $20 to try to pay bills, buy "essentials" for their kids, or maybe even put it in savings.

The one thing I can agree with you is that we are going to get scr*wed. Doesn't matter which party wins- they are going to work us over and shake us down some more to feed the special interests and support the agenda or folks like Koch brothers and George Soros.

My guess is we will see rampant inflation starting after the first of the year. If you look at utilities, health care, food, and transportation, it has already started.

tonto_goldberg 6 months, 3 weeks ago

it's the end.of the holiday and making you feel like you got a 2% pay cut that starts putting money back in SS.

Paroquet 6 months, 3 weeks ago

It's an easy thing to implement raise fees for common practice; it's a way to generate revenue without implementing a new "tax" for a service that was formerly funded solely by general revenue...which is where most "fees" end up, just like a tax, or are subject to appropriation by legislature unless protected when implemented. Aside from MDC and MDOT, I can't think of a MO state agency whose fees aren't subject to appropriation into general revenue, and redistributed.

Fees are a way to tax without having the stigma for the politician associated with raising taxes. A rose by any other name...

Littleinvestor 6 months, 3 weeks ago

But there is something wrong with gleefully selling your clients products you know they are going to lose money on, just so your bank can make money on, Graceful. Some of that was going on and as far as I have been able to tell, not one banker went to jail for that. That said, if it takes more than two years to write the regulations to implement a law (Dodd-Frank) the law is too complicated. They should have just repassed Glas Stegell. It worked for more than half a century and was just a couple of pages long.

rollnthndr 6 months, 3 weeks ago

It's amazing the media does not discuss the Glass/Stegall act that kept the banking system in check until it was repealed in 1993. It took less than 20 years to collapse the credit markets. No politician of either party has proposed reinstating the protections this legislation offered.

Dodd-Frank does not offer any protections to the consumer. It was a half hearted response to the credit crisis that occured in 2007. If you follow the money from the large banks you will understand why we have not safe guarded the credit and banking sytem. You want protections from credit card companies? Don't use them, or if you have the discipline you them very wisely.

spelchek 6 months, 3 weeks ago

If you don't like the problems government creates, just wait till you see their solutions.

RobHunterJohnson 6 months, 3 weeks ago

Just remember the Bia Partisan plan (2011) to deal with Congresses failure is coming! The Republicans could not seem to get it together then, so I imagine after the election, the Republican congress will blame it on their KOOLAID and their missed helping of TRICKENOMETRY!. VOTE OBAMA/McCASKILL2012 ROB

3633 6 months, 3 weeks ago

So should there be regulations are not or every time something is bad for the country it's President Obama's fault or is it because some in Congress have not done their job; or better still should there not be rules. Now think about it, if things were not changed in the prior Presidency would the US have an economy the way it is now. Congress is the culprit; think about it!!!!!!!!!!!!!!

Please review our Policies and Procedures before registering or commenting

Or login with:

OpenID

News Tribune

Breaking News