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June 26, 2010 Saturday
SECTION: DOMESTIC NEWS
LENGTH: 481 words
HEADLINE: Obama urges Congress to pass Wall Street reforms
BYLINE: By Sue Chang, MarketWatch
DATELINE: SAN FRANCISCO
SAN FRANCISCO _ President Barack Obama on Saturday urged Congress to pass the financial reform bill aimed at strengthening consumer financial protection and enhancing transparency in derivatives trading.
Claiming that the economic crisis was triggered due to a lack of strong oversight on Wall Street, Obama said the reforms will lay a new foundation for growth and prosperity.
“That’s what the Wall Street reforms currently making their way through Congress will help us do _ reforms that represent 90 percent of what I proposed when I took up this fight,” said Obama in his weekly address.
Obama also promised that the bill will enact the “Volcker rule” written to ensure that banks protected by the FDIC can’t engage in risky trades for profit.
“Put simply, we’ll end the days of taxpayer-funded bailouts, and help make sure Main Street is never again held responsible for Wall Street’s mistakes,” Obama said.
Meanwhile, Rep. Paul Ryan of Wisconsin, the top Republican on the House Budget Committee, said Saturday that the Democrats’ decision to cancel this year’s budget will “wreak havoc” on the economy and make job growth more difficult.
Ryan criticized the Democrats for “out-of-control” stimulus spending spree and accused them of trying to raises taxes on the middle class.
“Talk about a recipe for disaster: Democrats are offering no budget, no priorities, and no restraints _ yet all their taxing, borrowing, and spending continues unchecked,” said Ryan in a weekly GOP address.
Warning that the debt is on track to exceed the economy in the next 18 months, he called on President Barack Obama and the Democrats to stop wasting time and focus on what’s in the best interests of the future generation.
“If this is really about the future of our country, then leaders should make the tough choices they promised they would, put moral obligation before political expedience, and focus on what’s in the best interests of the next generation, not the next election,” said Ryan.
The congressman said the Republicans have identified $1.3 trillion in specific spending cuts that could be immediately implemented, including canceling unspent TARP bailout funds and stimulus funds.
“We need to start reining in unnecessary spending now so that we can boost the economy and work together to address our nation’s long-term fiscal challenges,” he said.
Earlier last week, Peter Orszag, director of the Office of Management and Budget, who also oversaw the introduction of the multibillion-dollar stimulus package last year, said he is resigning.
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LOAD-DATE: June 27, 2010