President Obama on Financial Reform

President Obama used his weekly address to praise the financial regulation package passed by the House. The President talked about the package, and about the opposition to it in some banking circles, both in his weekly message and on 60 Minutes. From the 60 Minutes interview.

In an interview to be aired Sunday night on CBS News’s “60 Minutes,” Obama said he shared the frustration of many Americans angry at the nation’s big banks.

“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” Obama said, in excerpts released by CBS News.

He went on to criticize banks that received and repaid government bailout money and then resumed paying eight-figure bonuses to top executives.

“The people on Wall Street still don’t get it,” Obama said. “They’re still puzzled why it is that people are mad at the banks. Well, let’s see. You guys are drawing down 10, 20 million dollar bonuses after America went through the worst economic year… in decades and you guys caused the problem.”

Republicans criticized the bill, and it attracted zero Republican votes in the House. 27 Democrats also voted against. From the New York Times:

“The array of new regulations and taxes on consumers, investors and businesses will destroy jobs and further undermine the fragile economy,” Representative Spencer Bachus of Alabama, the senior Republican on the Financial Services Committee, said.

The Senate will not take up its version until next year. Read the Times story here.

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