Obama wants light on Wall Street's deals - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Obama wants light on Wall Street's deals

WASHINGTON (AP) — Closer watch over Wall Street will help consumers make better informed choices about investing and shine light on the shadowy deals that caused the financial crisis, President Barack Obama said Saturday in pushing Congress to pass overhaul legislation.

In his weekly radio and Internet address, Obama said the bill also would curb predatory lending practices, prevent banks from taking on too much risk and give shareholders more of a say.

"Put simply, Wall Street reform will bring greater security to folks on Main Street," the president said.

"My responsibility as president isn't just to help our economy rebound from this recession; it's to make sure an economic crisis like the one that helped trigger this recession never happens again," he said. "That's what Wall Street reform will help us do."

The Senate is debating the broadest rewrite of the rules governing Wall Street since the Great Depression. A final vote is possible as early as the coming week. The bill would then have to be merged with the House's version.

The legislation would set up a mechanism to watch out for risks in the financial system, create a method to liquidate large failing firms and write new rules for complex securities blamed for helping precipitate the 2008 economic crisis. It also would create a new consumer protection agency, a key point for Obama.

(Copyright 2010 The Associated Press. All rights reserved.)

  • FOX19 HeadlinesMore>>

  • San Francisco to consider tax on companies to help homeless

    San Francisco to consider tax on companies to help homeless

    Monday, July 16 2018 9:59 PM EDT2018-07-17 01:59:19 GMT
    Tuesday, July 17 2018 7:52 AM EDT2018-07-17 11:52:45 GMT
    (AP Photo/Eric Risberg, File). FILE - In this Feb. 23, 2016 file photo, a man stands outside his tent on Division Street in San Francisco. San Francisco voters will decide in November 2018 whether to tax large businesses to pay for homeless and housing...(AP Photo/Eric Risberg, File). FILE - In this Feb. 23, 2016 file photo, a man stands outside his tent on Division Street in San Francisco. San Francisco voters will decide in November 2018 whether to tax large businesses to pay for homeless and housing...

    Homelessness is a major problem in San Francisco, as well as other cities on the West Coast with growing numbers of high-paying tech jobs that price lower-income residents out of a shrinking housing supply. 

    Full Story >

    Homelessness is a major problem in San Francisco, as well as other cities on the West Coast with growing numbers of high-paying tech jobs that price lower-income residents out of a shrinking housing supply. 

    Full Story >
  • Stranded woman drank water from moss after California crash

    Stranded woman drank water from moss after California crash

    Tuesday, July 17 2018 2:42 AM EDT2018-07-17 06:42:05 GMT
    Tuesday, July 17 2018 7:49 AM EDT2018-07-17 11:49:33 GMT
    (Monterey County Sheriff's Office via AP). In this Friday, July 13, 2018, photo posted on the Monterey County, Calif., Sheriff's Office Twitter feed, authorities tend to Angela Hernandez, foreground center, after she was rescued, in Morro Bay, Calif. A...(Monterey County Sheriff's Office via AP). In this Friday, July 13, 2018, photo posted on the Monterey County, Calif., Sheriff's Office Twitter feed, authorities tend to Angela Hernandez, foreground center, after she was rescued, in Morro Bay, Calif. A...

    A 23-year-old woman survived a 250-foot car plunge off a cliff and a week stranded on a remote California beach after she swerved to avoid a small animal while driving to her sister's house.

    Full Story >

    A 23-year-old woman survived a 250-foot car plunge off a cliff and a week stranded on a remote California beach after she swerved to avoid a small animal while driving to her sister's house.

    Full Story >
  • Judge temporarily halts deportation of reunified families

    Judge temporarily halts deportation of reunified families

    Monday, July 16 2018 12:03 PM EDT2018-07-16 16:03:29 GMT
    Tuesday, July 17 2018 7:49 AM EDT2018-07-17 11:49:31 GMT
    The American Civil Liberties Union is asking a federal judge to order the federal government to hold off one week on deporting reunified families that were separated at the border. (Source: Raycom Media, file)The American Civil Liberties Union is asking a federal judge to order the federal government to hold off one week on deporting reunified families that were separated at the border. (Source: Raycom Media, file)

    The American Civil Liberties Union is asking a federal judge to order the federal government to hold off one week on deporting reunified families that were separated at the border.

    Full Story >

    The American Civil Liberties Union is asking a federal judge to order the federal government to hold off one week on deporting reunified families that were separated at the border.

    Full Story >
Powered by Frankly