Obama Urges Senate Action on Finance Reforms

Posted on by

RAW STORY– US President Barack Obama on Saturday urged senators to grant the Federal Reserve a dramatic expansion of its regulatory powers and to establish a new consumer protection committee to help safeguard Americans from Wall Street’s excesses.

“These reforms are essential,” Obama said in his weekly radio address.

“As I’ve urged over the past year, we need common-sense rules that will allow our markets to function fairly and freely while reining in the worst practices of the financial industry.”

On Monday, the Senate banking committee will debate a proposal by Democratic Senator Christopher Dodd that is designed to halt what he sees as abuse and excess by financial firms.

Dodd’s bill would empower the Federal Reserve to conduct oversight across the financial sector, putting insurance companies and even smaller lenders under their sway.

Federal Reserve Chairman Ben Bernanke has disclosed in public that with the bank’s expanded framework, it assumes the coming elimination of “minimum reserve requirements” for banking institutions.

Unhinging banks from even basic deposit standards would essentially create a class above the daily requirements of capitalism, resting atop a pool of funds with infinite depth, removing the need for what’s currently known as “fractional reserve banking.”

Read full article about Obama Urges Senate Action on Finance Reforms.

© 2010 RAW STORY

This video was published to the Internet by the White House on March 20, 2010.

Leave a Reply

RELATED NEWS

  • Constituent Assembly Dictatorship or Democracy in Venezuela?
  • Abby Martin in Venezuela – Supermarkets to Black Markets
  • Paul Jay and Abby Martin on Trump’s Cabinet, Election Fraud & Fake News Hysteria
  • NYT’s James Risen on Fighting Censorship, Endless War
  • POLITICAL CORRUPTION

  • Empire Files Podcast: Flint’s Killer Cover-Up: Bombshell Report w/ Jordan & Jenn of Status Coup
  • Empire Files: CIA Stories: The CIA is Born
  • Empire Update w/ Abby Martin: Arctic War, Aid to Israel Challenge, Army VR Money Pit
  • Empire Files: A Guide to US Empire in Africa: Neocolonial Order & AFRICOM
  • Media Roots Radio: QAnonEleven, DC Military Lockdown & Trump’s #StopTheSteal Wack Pack w/ gumby4christ
  • Media Roots Radio: Failed State, Martial Law & Trump’s Final Mindfuck
  • Empire Update: Biden’s Scary Foreign Policy Picks: A Blast From War Crimes Past
  • Media Roots Radio: CIA Assassinations, Anticommunism & the Phoenix Program w/ Douglas Valentine
  • Tech Censorship Helps Trump Campaign
  • Media Roots Radio: DNC Republican Pandering, RNC Fascist Reality Show & Bannon Indicted For Fraud
  • Media Roots Radio: CIA Pete, Iowa Caucustrophe, Neocon Monster Limbaugh
  • Media Roots Radio: Epstein’s Mysterious Network & Sexual Blackmail as Intelligence Gathering w/ Whitney Webb
  • Media Roots Radio: Atomic War Crimes, Mainstreaming QAnon, American Mass Shootings
  • Media Roots Radio: War on BDS, Where Every 2020 Candidate Stands on Palestine
  • Media Roots Radio: 2020 Democratic Debate Train Wreck