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Obama outlines plans for regulatory reform

June 18, 2009 by  

Obama outlines plans for regulatory reform Following an announcement from earlier this week, President Obama has laid out his plans for sweeping new regulations of the financial system.

The reforms are designed to prevent a repeat of the financial meltdown from last year that sent the economy into the deepest recession in decades.

In addition to requiring financial institutions to hold greater reserves as backup for losses and setting new conflict of interest rules for credit rating agencies, the government will also propose new laws to expand the oversight powers of the Federal Reserve.

The White House has also committed to seeing through the establishment of a Consumer Financial Protection Agency.

"It’s time we put the needs of American families above the interests of Wall Street," Obama said.

However, House Republican Leader John Boehner has expressed concerns a consumer board will allow government to interfere with the free market, according to Reuters.

Many lawmakers are also reportedly skeptical about extending the control of the Fed.

Democratic Senator Chris Dodd of Connecticut, chairman of the Senate Banking Committee, said the recent near-financial collapse has left the government and the people with little confidence in the central bank.

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  • Terri Wear

    strong text
    Please, I mean REALLY, Please, has anyone been able to overlook the complete and total lack of ability this man has to run out Country?? I will never forget when the elections were still going on.. There were all the candidates standing there on the platform. All had their hands over their heart, looking at the flag with such pride. Then, there stood Obama, running for presedent and he wasn’t even looking at the flag much less honoring it by putting his hand over his heart. Now, that being said, why on God’s green earth would ANYONE elect such a man. He’s not even quilfied to do this job!! I appolize, I am a christian woman whether it sounds like it or not… I am just amazed at what we have done. And, another thing, I could be wrong, and if I am God forgive me, but, I thing he had so many votes not because he was so quilified for the job, Infact, I will go as far to say that half or so of his votes came from those who didn’t even look at the whole situation. I don’t know that they even understood. It was just something that has been waiting on for so long, determination stepped in with no regard for what could and HAS happened to our country. Thats so sad. If you don’t understand what your doing, and you hadn’t studied the best man for the job, regardless of make and model we have to choose from. KEEP your decision to yourself until you figure out how the who thing works… Not just because your trying to have a first of anything!!! I have a feeling, they, as well will be soon reaping what they have sown!!

    • http://none Smilee

      Terri Wear

      I’m also a Christian and because I have a deep belief in democracy, I respect the large majority that voted this man into office and an equal respect that they knew what they were doing, at least be as honest to admit that this is something you cannot possibly know. I would suggest that because a large majority of your friends and neighbors voted for him you should at least give him some respect if for no other reason that that. It doesn’t matter what you think about his qualifications, what does matter is your friends and neighbors have decided he is qualified. To the issue here: What would you suggest that he do to correct this economic mess we were in on the day he took office? It might be more helpful if you would address that issue here rather than elaborate on what appears to be an expression of your deep hatred for this man. After all, five months, is not very long time and the economy cannot be turned around in this time span. I would suggest you take a wait and see approach to what he is doing before you make such extreme conclusions. What if his way actually works! Would that be a SHOCK to you??

      • Terri Wear

        strong text
        I do apolize for offending you with my comment. Obviously you are one of the fortunant ones who haven’t had your plant shut down after 30 something years of service. I understand we are going to have some really horrific things happen in order to get us out of this mess. But, Obama knew what he was up against before he ran for President. And correct me if I’m wrong, but I do remember him saying there may be some hard times in the beginning, but never made reference to the common working folks being completely shut down!! He never said there would be millions of us without a means to make a living, poverity levels and unemployment would soure to unbelieveable levels. Or, have you noticed? The regular ‘ol Joe is now sitting home on their rump wondering what to do to provide for their families now. And again, NO I have no suggestions to the problem. I wasn’t in charge of doing so, nor did I promise to. I know 5 months is not enough time to fix, patch, or bandaid what all we have that needs addressing. That being said, I don’t see us moving in the right direction according to his speaches lately.

        Maybe it would make me feel better if he would have to suffer just a bit like the regular working man instead of spending what little our Country has left.

        My feelings do not come from some deep seeded for this man. I hate no one! And as far as democracy go’s, I believe strongly in democracy myself, but aren’t you sick of hearing his whinning about the problems, and not doing anything. I do know its only been 5 months, I also know with the economy as it is, thats not enough time for anyone to straighten out this mess. But, Smilee, you have to admit, President Obama, is a smooth talker and all the while not walking the walk.

        Wonder what it cost for him to fly over the location of 911? Was it in honor of what actually happened? What it done to alot of people was bring back memories and fear for alot of people that lost someone special that horrific day. These are the things I do know. And as a proud American, anyone, and I mean ANYONE that does not show honor to our flag shouldn’t be allowed to run for President in our country. He’s not even from our Country for goodness sakes. He had such GRAND idea’s on how he was going to do this and do that, if we elected him, and almost instantly after he enters office, huge Corporations are being shut down, every mom and pop store is out of business, millions are out of work with nothing left or no place to go.

        Yes, maybe I should give this man respect due to him being the President, and no, I do not have all the answers. But, I suspect the Lord will come before he even gets close to getting us out of this mess. Like I said, I don’t claim to have all the answers. I have no Grand idea’s. BUT, I didn’t take the job. Its not my place to fix this. And I promise you one thing… It won’t be long until everything in our Country will belong to the government, run by the government, owed by the government and we all will be in sad shape then.

        • Smilee

          My second reply to Terri Wear:

          Dear Terri

          I am not offended by your statements but they do give me pause for concern. Please do not assume by my statements that because of them you can know by situation. My symphony on your job loss but I too did experience this and after 40 years of service to them when my plant closed and we all were let go, so I do know first hand what that is like. I guess I can not blame Obama for this as the economy was tanking when he took the reins. I disagree that he wines, he is just telling it like it is and some people now seem to want to blame someone, anyone for their pain when I believe he has done quite bit to keep it from becoming worse that it has. Government temporarily taking over Companies is not new, the last major one was the Saving and Loans when Reagen and the first Bush were in office and the first Bush did much the same when he signed the law that created the Resolute Trust Corp. (similar to TARP now that the second Bush asked for and congress gave it to him,) Taking over companies was started last fall by Bush and not by Obama and Obama has with slight modifications has continued these polices of Bush. After the Savings and Loan deals were over and we were paid back we the taxpayers actually made money on that deal and this could happen again, recently companies have paid the government back over 60 billion dollars and we received 5 billion in interest so far, no one knows how this will end up and I believe it is far to early to draw any conclusions yet, no one has a crystal ball and it really concerns me when so many who oppose Obama want us to believe that they know the outcomes at this early date when in fact they don’t, this is polities at its worst and makes the matter worse for all when so many are already hurting as bad as yourself. Yes, Obama is a smooth talker but this is a trait of most good leaders and it should not scare you and with the polls currently having his personal popularity at 65% positive it shows most people do not feel this way about him and believe he is engaged and walking the walk, it shows they trust him, further he grew up relatively poor and got himself to this point mostly on his own and early in his career he worked with people in south Chicago after the steel plants closed and assisted them in getting through what you are going through now. How can someone be so close to that much pain and not come to understand it and I believe he does have a clear understanding of it. As far as the flag pin goes I’m more concerned about what is in his heart that what symbol he wears over it, I think it is a lot said about nothing. Leman Brothers Bank is the only big corporation that has been liquidated and that was done under Bush, one bank and two auto companies are/were in bankruptcy court since to restructure but not shut down and I know of no other at this time where this is going to happen. As far as other companies (mom & pop etc) that was destined to happen when Obama took office as was the unemployment going way up after all we were in the worst recession since the depression since the thirties and his goal was to slow this down as fast as he could and it remains to seen if it will work but to have done nothing it would have been much worse and I think he may have saved us from that as well as making it shorter although it may still take several years and employment will not get much better until the middle of next year at the earliest. Why do you believe that Obama is not from our country. The vital records in Hawai show he is and those who have tried to prove other wise with their frivolous lawsuits have failed badly because they cannot produce any evidence to support it and have had their cases dismissed but I think there are some still on appeal but they will not succeed in the end either. I cannot comment on when the Lord will return as I believe Christ when he said no man will know the day or the hour he will return, but of course it is nearer than yesterday. I do not believe the government will take over everything as the courts will prevent that from happening it is our balance of powers that have maintained our constitution this long and I believe they still will despite the ups and downs that at times make that appear not to be the case and we are now in one of those times but it too shall pass. Hang in there.

          Wishing you well and Good Luck.


      • Runninbear

        It would be much more than a shock ?It would be a damn Miracle, YOU!think that spending money can over come this recession and 9.8 % unemploymenet that he has brought us to? and his Ideals comes from failed socilistic agendas that will not work in our “free” society?and his support for Acorn and other labor and other special intersts groups that he’s been pandering to will to them in charge and letting them make the rules ?that is as smart as the tim Gethner appiontment and the Kevin Jennings as safe school czar?
        Since 2007 the congress has been in control and Obama was there to vote on all the expenditures that was appoved and spent by a “DEMOCATIC CONGRESS”WHICH IS THE ONES RESPONDSIBALE FOR THE DEFICITS”

      • Runninbear

        It would be much more than a shock ?It would be a damn Miracle, YOU!think that spending money can over come this recession and 9.8 % unemploymenet that he has brought us to? and his Ideals comes from failed socilistic agendas that will not work in our “free” society?and his support for Acorn and other labor and other special intersts groups that he’s been pandering to will to them in charge and letting them make the rules ?that is as smart as the tim Gethner appiontment and the Kevin Jennings as safe school czar?
        Since 2007 the congress has been controled by Democrats and Obama was there to vote on all the expenditures that was appoved and spent by a “DEMOCATIC CONGRESS”WHICH IS THE ONES RESPONDSIBALE FOR THE DEFICITS” Fyi: in the 12 years of “Over spending by Republicians they spent 1.2 trillion in (12years) but the democrats have spent 1.4 trillion in only “ONE YEAR”!.DOES THIS SOUND LIKE GOOD JUDGEMENT FROM SOME ONE WHO SAID. NO pork or earmark spending?LIE? then he said the stiumuls would help jobs and help the housing bubble ,but it didn’t help the citizens and when the banks and Loan companies got their bail out we are still waitting for some help form them.but they are paying bonuses and Obama flip flopon his word saying they deserve these large bonuses?Yet he’s wants still another stumlus for jobs?
        I think we gave the boy king enough time to see what he is made of and where his loyalities lie? and the key word here is “LIE?

    • http://donthaveone Mark

      Because there are a lot of uneducated Americans, that dont take the time to research these guys, where they are from, what they have done, what they have said in the past, and what they believe in. I would bet that over half the people that pulled the obamination lever, dont know his real name is Barry Soetoro, that he became a muslim while with his father in Africa and became Barrack Hussein, and that all he was was a community organizer before the crooked political machine in Illinois ran him for Senator. Many dont know his pastor is a bigotted racist, and that a know terrorist Bill Ayers, hatched his political career at his house. Why, because they fall prey to the square brain sucker in their living rooms, and listened to the Democratic propaganda machine of ABC, CBS, NBC, CNN and MSNBC that kept chanting, change, change, change. These guys keep going, soon all we will have is change left in our pockets. Please, get educated next election people.

      • Smilee

        You sure make a lot of assumptions, too bad you have to rely on repeating the Rush & Company type talking points with their assumptions and inaccurate statements in lieu of real and positive discourse. Are you incapable of giving your own points of view, provided you have any? Don’t be surprised if in 2012 again over half of those pulling the voting levers do so for Obama again.

        • http://donthaveone Mark

          Take another shot, and have some blow for your nose. And what ever you do, dont hold your breath, it aint gonna happen. Even his own party is starting to turn on him, and it hasnt even been a year. Oh yeah, and to prove how smart he is, he named Joe Biden as VP. Stroke of genius.

        • mert

          God help us if he has a second term! If you want to live under a Socilist government – move!!! The USA was founded on the Constitution and not very many in Washington D.C seem to even relate to it!
          I’m sick and tired of hearing him blame it all on George W. Bush.
          The Czars are more or less running the country!
          I will be out campaigning for who ever will be running against him in 2012!

      • Terri Wear

        strong text

        EXACTLY!! I may have used abit more gentle wording, but, I couldn’t agree more!! And it is sad when your own party turns on you!! Like my first or second post. I don’t think half of those that voted on Obama knew anything about what he stood for. They just wanted to prove a point, make a statement, and here we are…
        I do disagree with you on one thing tho. I don’t think we will even have our change in our pockets… He will have that too.

  • s c

    Terri, don’t concern yourself with offending people. What matters is whether or not Washington’s ‘brightest’ have any real plans for making America better. This is the worst collection of ‘elite losers’ we’ve ever had. Old schemes that didn’t work are at the top of their list. In politics, only losers worship proven failures. They ignore facts, and plunge ahead. They hate history, and they have no use for freedom. Call them FDR-lovers and psychotic progressives. Pray for America and the world. This bunch will make Carter’s antics look like a picnic. America and the world will pay the price.

    • http://donthaveone Mark

      FDR – you know, this guy has gotten a pass for way to long. The sucker lied to congress and America about the cost of the Hoover Dam, knowingly lied about it to get his way. He lied to the American people about the “temporary federal income tax” to help with the war effort”. Im still getting my pants taxed off to this day. And all these dems, when you get them away from their constituents, will cry up and down about the tax they have to pay, when its always raised by the left wing liberal democrats, who expand government so much, with all their little social agencies to get money from people like me that work and give it to low lifes that dont want to work. Then all these people that get these little hand outs, get no where in life, they are stuck there dependant on the government, and they turn around and vote for these guys that keep them down. Kennedy got elected by thousands of votes from dead people in Chicago, Clinton sold our manufacturing to Mexico and our security he threw away for 8 years. And people still vote for these guys. Now youve got a guy, with no idea of what to do, no plan of action, no course laid out, and a year later they are still standing there pointing the finger, and kissing the asses of all these terrorist nations that want to destroy us. You need to apologize to the American people Obama. You are being paid to represent us, not these terrorist nations. Start representing us, and not your socialistic ideals that will destroy this great country. You definately dont have the leadership ability to pull it off, but if we keep electing the likes of these left wing pacifist appeasers, some day one will. Look at what they do and what they say, and if you can honestly tell me they are representing the United States of America in a positive and good way, then you are lying.

      • Smilee


        Being in the the minority point of view sure seems to be painful for you, but I suppose ranting and raving like this is a type of therapy and I hope it works for you. It might help also if you could get the history accurate then you could see things as they really where and are.

        • http://donthaveone Mark

          If you want to call fact ranting and raving go ahead. But you cant change history, no matter how you try. What happened, happened. Fact.

      • s c

        Mark, try to find a lib/progressive who can explain why so many of FDR’s papers are NOT available so long after his death. Somehow, FDR’s views on ‘transparency’ manage to attract followers [like flies on stink]. I suspect most utopians/libs have to wear rose-colored glasses, and take refuge in a mind-numbed trance. That lets them blindly serve their masters without having to think. Reality is whatever feels good, and common sense
        becomes something to be avoided at all costs [a TRUE herd mentality].

      • Smilee

        Your ranting and raving is how you present what you call facts and reflects your attitudes and has nothing to do with the facts or opinions themselves, further I think some of your facts contain some fiction and do not accurately describe what really happened. Partial truths. Opinions are one thing, facts are something very different and some of what you call facts are but just your opinions. What does the hashing over FDR do to help find solutions to our current problems?

    • Smilee

      S C

      Actually I love history and freedom for all is my number one political priority. Obama ( a young man) is now recognized by most as one of Washington’s brightest minds and he does have real plans. Stick around some will become our reality, weather you like them or not, it will not matter. Maybe in time you may even come to like some of them once you see how they work. To me real losers are those who think those that disagree with them are losers and are usually trying in some way to put them down while offering nothing in the way of real positive or friendly discourse. HAVE A GOOD DAY!

      • http://donthaveone Mark

        Sorry I have to disagree with you. Proof is in the pudding. He has brought nothing but appeasement and finger pointing. He has made no attempt to solve anything, just spend our money giving it to those that have shown they dont know how to run a business. He has emboldened the enemy by cowering to them, he has taken away the tax cuts causing where I work to lay off 35 guys that we hired when Bush instituted the tax cuts, and judging by the balooning unemployement ranks, its a nationwide thing. The only jobs he is creating, is the bigger government in Washington, because thats what democrats do. They expand government, seek more control over people, and then raise taxes to pay for it all. How many times do we have to see it before it is recognized by all? My goodness, how do you not see it when it is happening right in front of your face. You know though, its not so much him, as he is just the figurehead of the democratic party, so Im not so much blaming him, as I am the left wing political agenda his party bears upon us.While you guys sat there for 8 years pointing the finger at Bush, especially these last 4 years, you failed to recognize that every move he made or tried to make, was endorsed by the DEMOCRATIC controlled congress. Congress runs things, not the President. Only dictatorships allow one man to have his way. We havent regressed to that point yet, and I hope we never do.

        • Smilee

          Well Well, you can be nice. But I also disagree with your assessments but will respond with just a couple of points, six of Bush’s eight years both houses of congress were his party and the last two the senate had but one in the majority this did give them the majority but the republicans used the filibuster rule a record number of times keeping the democrats from having the power to enact their agenda, in effect the republicans maintained the power even though not the majority and even if they had passed their agenda Bush would probably vetoed it and there was no chance to override. So who really had the power, saying the democrats did is just not accurate even though they had the majority. Also to date the Bush tax cuts have not been repealed.

        • mert

          all I have to say….you hit the nail on the head – could not say it any better! you made my day!!

  • http://donthaveone Mark

    I dont think this guy could legitamately even do an outline for changing his underwear without someone guiding him. Its clear as can be, he has no ideas, no plans, just blindly follows these left wing liberal pacifist appeasing pants wetters and does what they tell him to do. Soon, they will throw him under the bus as America is tiring of this “change”. And he wont even see it coming. I wonder if Michelle sees it, she seems to be a lot more “street” than him.

    • Smilee

      How is that you seem to know this guy even wears underwear. Your not a peeking tom are you? Assumptions make an ass/u/me well you anyhow.

      • http://donthaveone Mark

        Dude, it doesnt take a rocket scientist to figure this one out. Listen to the guy. Did you listen to anything he said when he was politicking for President? Has he done any of what he said? Hell no he hasnt. He gave billions to an automobile business that has proved that they dont know how to run a business, thus rewarding failure. He has kissed the butts of terrorist nations that have vowed to destroy us or die trying, in every way known to man. And they still say it. And they still mean it. And he still kisses their butts. Diplomacy doesnt work with these guys, ok. They dealt diplomatically with Saddam Hussein for 13 stinking years. That worked out good didnt it? Close to a million people died during those 13 years, yet all we hear from the left wing press is the few thousand that have died since Bush took him out and they are now getting a taste of freedom and democracy there. I love my freedom and democracy here, and I feel everyone is entitled to it, not just me. I mean, they guy I didnt want elected, got elected, tuff luck for me. Maybe next time we will do better, but hey, thats democracy, and I appreciate it. And the only ass I see here, is the ones he is kissing and making us weaker by the minute. Appeasement is a sure fire path to defeat, always has been, always will be. Check your historical facts. Peace has never been found by appeasement, but defeat sure has, over and over. Peace is obtained by force, always has been, always will be, because if your not going to fight for what you have, someone who wants it will fight you and take it from you. Sorry, thats the big boy facts of life. So we can be a bunch of sissys and let them take what thousands of American’s stood up and gave their lives fighting for, or we can be men and stand up against the gates of evil that come to take us down. Question is, what side you on? Me, Ill fight, thank you very much. All asses back down.

        • Smilee

          Another guy who thinks he knows it all, boy aren’t we lucky he is not the president. But them maybe he is not old enough as yet.

      • http://donthaveone Mark

        Dude, Ive seen him play basketball. When you shoot hoops, you wear underwear, ok. 2 + 2 = 4. No need to peek, Ill leave that to you bro.

        • Smilee

          Sorry I thought when you said that guy you were referring to me. I assumed. Want to bet on Obama not getting a second term, some in his party have turned on him on some issues but not on him (these issues are not resolved as yet they may in the end swing back ) and he is still very popular with the population as a whole. Both Reagan and Clinton got second terms and they are the only two in recent times that had this level of popularity with the voters. Unless there is something that happens that turns the table on him before 2012 he will get the second term easily. Why do you think Rush and some republicans who do not like him are working so hard to try and make him fail. I scares the hell out of them that he is so popular. Sorry to so inform you of this.

        • http://donthaveone Mark

          Come on Smiley, his numbers are starting to fall allready. The more he taxes, the more he expands government, they more he gives our money to the banks and GM and the likes of them, the more he will drop in the polls. The more he sucks up to the enemy, you can bet that will make his numbers drop. Every guy has good numbers when they start, even Carter, and uh, dude, look what he did. Nothing.

  • http://personallibertydigest Shoes

    Do any of you poeple remember the video of republicans trying to get more regulations on the lending practises that have caused all of this mess and democrats saying there was absolutely no need for them, oh by the way obama agreed with this assessment, and now and during elections everybody blaimed it on republicans when democrats were in control?


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