President Obama warns GOP not to undo Wall Street law
Source: Boston.com
President Barack Obama is warning congressional Republicans not to undo financial regulations he signed two years ago, taking specific note of the work of a consumer agency created by the new law.
In his Internet and radio address Saturday, Obama drew attention to the Consumer Financial Protection Bureau, noting that it and other regulators recently cracked down on three credit card companies, ordering them to pay $400 million to people who were misled into making purchases they didn’t want.
‘‘Sadly, that hasn’t been enough to stop Republicans in Congress from fighting these reforms,’’ Obama said. ‘‘Backed by an army of financial industry lobbyists, they've been waging an all-out battle to delay, defund and dismantle these new rules.’’
(snip)
Obama, sounding much like a consumer advocate, also informed listeners that they can now contact the consumer bureau to seek redress over problems with credit scores.
Read more: http://www.boston.com/news/politics/2012/president/candidates/obama/2012/10/27/obama-warns-gop-not-undo-wall-street-law/zctaME2emg2lh173FAtVLN/story.html
Weekly Address: Protecting the American People with New Wall Street Reforms
http://www.whitehouse.gov/the-press-office/2012/10/27/weekly-address-protecting-american-people-new-wall-street-reforms
In this week’s address, President Obama highlighted the work of the new independent consumer watchdog he fought to create, which stands up for consumers and protects Americans from mistakes made by the companies who determine your credit scores. Republicans in Congress have tried to roll back consumer protections that help prevent big banks from creating another financial crisis, but the President refuses to let that happen and will continue to fight for working Americans as we move this country forward.
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