Bully Pulpit

Obama Champions Financial Reform

Gives a speech in New York.

President Obama is hoping to wave financial reform across the finish line: “A free market was never meant to be a free license to take whatever you can get, however you can get it," Obama said in a speech on Thursday, before calling for “a set of updated, common-sense rules to assure accountability on Wall Street and to protect consumers in our financial system.” In his speech, Obama reiterated his support for a fee on large banks that will be used to wind down failing institutions in future crises—and chastised Republicans for suggesting that his plan would lead to unlimited taxpayer bailouts, saying their argument is “not factually accurate.” Republicans, meanwhile, appear ready to give up their opposition and make a deal.