Obama Hails House Passage Of Financial Reform

WASHINGTON — President Barack Obama says House passage of a massive overhaul of financial regulations is a victory for everyone who was hurt by what he is calling Wall Street "recklessness and irresponsibility" that caused the financial meltdown and millions of job losses.

House lawmakers voted 237-192 Wednesday in favor of the bill, sending it to the Senate for a vote expected in mid-July.

Obama says the legislation provides a sensible framework of rules and regulations that will hold financial institutions accountable for their actions and help prevent another economic crisis like the one the U.S. is still recovering from.

Comments

[saintaug1]

08:18 AM on 07/01/2010

Oh great, reform just like what was done with health care. Hold on to your wallets folks.

[aresponse2dotcom]

09:55 AM on 07/01/2010

But we're going to get more government agencies and regulators and employ accountants and stuff. Doesn't that help unemployment? HuH?

[AwShucks]

08:06 AM on 07/01/2010

It's nowhere near perfect, but it'll do for now . Terrific Barney Frank.

Scott Brown , well, you'll be gone soon so no need to even comment again on your games and misdeeds.

[aresponse2dotcom]

09:57 AM on 07/01/2010

Shucks, Have you been taking a nap through out this whole mess?

[James Michael Gregg]

04:49 AM on 07/01/2010

Another victory for Obama! The senate better pass it come mid-July....

[gratonite]

04:37 AM on 07/01/2010

I'm pretty sure my last post will disappear. But seriously, Barack. I am tired of your super-cool, Sidney Poitier smooth nothingness.

[gratonite]

04:34 AM on 07/01/2010

who do we trust now? I don't like that I am still confused by this bullshit.

[man4ourseason]

02:34 AM on 07/01/2010

I can't believe this. Why would anyone want to regulate a corporation? Don't those people know that if you give corporations their head, they will always do the safe and people loving thing? Just look at B.P for example.

[cintirich]

10:03 AM on 07/01/2010

Perhaps you should read Senator Feingold's comments on the bill. These are not the regulations you want.

[advocatusdiaboli]

02:24 AM on 07/01/2010

As well he should as it embodies his corrupt pandering for appearance over substance. The bill, weakened so that it can barely stand upright on it's own, is a mere trifle for Wall Street to push aside in the future. Obama is a Bush in sheep's clothing.

[manifestpolitics]

01:54 AM on 07/01/2010

B. S.

[Loveforlife]

01:08 AM on 07/01/2010

Obamay says a lot of things. This is more teleprompter in chief. I am seriously going to bed.
He also said transparency, hope, change, bipartisanship, no lobbyists, no earmarks, yawn. night.

Oh yeah. He can organize your community. That's good right?

[manifestpolitics]

01:55 AM on 07/01/2010

You are a racist

[cintirich]

10:05 AM on 07/01/2010

is that the best you can come up with?

/yawn

[MichaelAMundy]

01:07 AM on 07/01/2010

It's amazing President Barack Obama thinks highly of this as "reform" legislation. Then again, I'm not surprised with his assertions but reminded of the 17th century John Donne - and his Devotions Upon Emergent Occasions, Meditation XVII: Nunc Lento Sonitu Dicunt, Morieris - wherein he explored the interconnectedness of humanity.

"Perchance he for whom this bell tolls may be so ill, as that he knows not it tolls for him; and perchance I may think myself so much better than I am, as that they who are about me, and see my state, may have caused it to toll for me, and I know not that."

Senator Russ Feingold says it's a no go...and count me with him.

[aonemandog]

12:56 AM on 07/01/2010

"Obama says the legislation ... will hold financial institutions accountable for their actions and help prevent another economic crisis like the one the U.S. is still recovering from." B.O is full of B.S. He and the rest of our DC politicians must not realize that Americans are waking up to this sham bill development process. Start out with and loudly publicize your goals, then negotiate away all of the meat and potatoes in the bill and wind up passing some anemic piece of crap like the health care bill, the relief for mortgages and, now this. The president and the congressmen all know what will and will not pass but, in order to make you and me think that they are working hard for reform, they present this great list and then negotiate it to what they all knew in advance would pass. They are all conning us. Wake up.

[SparkyDash]

12:31 AM on 07/01/2010

LOL...looks to be a new wave of paid Repub trolls!

[aresponse2dotcom]

09:35 AM on 07/01/2010

Hey Sparky, you've had to many short circuts in your dash. This constant attack on our business system, adding of government employees, stiffling of oil production, investment in pie in the sky energy programs will have economic result. Can you say Deep Double Dip. I know it's veru darl where you park your head, but pull it out for a while some light might do you good.

[rbchilds]

11:55 PM on 06/30/2010

The bill does nothing to place a barrier between commercial and retail banking. Nothing on FM&FM, nothing on derivatives. Full steam ahead, the bookies are taking odds and Wall Street will roll out the dice tables tomorrow and gambling with continue, backed by the banks and the U.S. Taxpayer.

[fortressfountain]

11:54 PM on 06/30/2010

Plenty of money to help wall street and no one worried about the deficiet? It is only convenient to worry about the deficiet when it affects the unemployed or our future social security.
What a crock, like people have something to sacrifice for.

[cintirich]

10:07 AM on 07/01/2010

Where have you been? People have been worried about the deficit for years and it reached a crescendo when TARP and the bailouts were being passed.

[casino capitalism]

11:51 PM on 06/30/2010

Obama = another in a long line of useless politicians (democrat and republican). The country is on a declining economic trajectory in large part due to a broken political process. Take private money out of politics and impose term limits. Then we will get real reform and not lies and spin. Unfortunately we will have to wait for the next (bigger) crisis for meaningful changes.

[aresponse2dotcom]

09:39 AM on 07/01/2010

We are already in a major crisis, an abundance of crooked, lying, political hacks, and the cure is arround the corner. Hopefully we can stay out of chaos long enough to vote all of the "this is the way politics is done" bunch into the public sector where they will have to make a living in the economic mess they have made.