Obama's Weekly Address: Amid Foreclosure Crisis, Repealing Wall St. Reform Would Be a "Terrible Idea"
(WASHINGTON) -- Calling Wall Street Reform “one of the most important victories” of the last two years, President Obama says it would be a “terrible idea” if Republicans take control of Congress and try to repeal the law, especially amid the foreclosure crisis.
“Despite the importance of this law -- and despite the terrible economic dislocation caused by the failures in our financial system under the old rules -- top Republicans in Congress are now beating the drum to repeal all of these reforms and consumer protections,” Obama says in his weekly radio address, “I think that would be a terrible mistake.”
The president said that the foreclosure crisis still plaguing many in the country shows the necessity of the reform bill to stay in place.
“Millions of people are still out of work. Millions of families are still hurting. We’re also seeing the reverberations of this crisis with the rise in foreclosures. And recently, we’ve seen problems in foreclosure proceedings -- mistakes that have led to disruptions in the housing markets. This is only one more piece of evidence as to why Wall Street Reform is so necessary.”
In his weekly radio address just under two weeks to Election Day the president sends a political message -- that over the last two years Wall Street reform is just one of “a number of battles” his administration has won “to defend the interests of the middle class.”
In the Republican’s weekly address Senator John Thune, R-S.D., calls Wall Street Reform a “burdensome regulation” that failed to address the real cause of the country’s economic problems.
“The Democrats have controlled the White House and both chambers of Congress for nearly two years, and have proven that more government is not the answer,” Senator Thune says, “This year they were not even capable of passing a budget. Instead, they spent their time passing more and more burdensome regulations, like their so-called Financial Reform bill that failed to address the main cause of our economic mess.”
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