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Obama Urges US Senate to Pass Financial Reform

   VOA News 15 May 2010
   President  Barack  Obama  speaks  during a DCCC fundraiser in New York
   City, 13 May 2010

Photo: AP

   President  Barack  Obama  speaks  during a DCCC fundraiser in New York
   City, 13 May 2010

   U.S.  President  Barack  Obama  is urging the Senate to pass financial
   reform legislation as soon as possible.
   In   his  weekly  address  Saturday,  he  characterized  the  bill  as
   representing   "the   strongest   consumer  financial  protections  in
   history."

   Mr.  Obama says the legislation will stop predatory business practices
   and  make  sure  both  large  and  small  banks  are  subject to tough
   oversight.

   The  U.S.  president  also says the financial reform bill will prevent
   banks from taking on so much risk they could collapse and threaten the
   whole economy.

   In  the  Republican  weekly  address,  Congressman Chris Lee urged Mr.
   Obama to, in Lee's words, "really listen" to what Americans are saying
   about the economy.

   Lee  represents  the northern city of Buffalo, which Mr. Obama visited
   Thursday.   Lee criticized Democrats' efforts to reduce unemployment,
   and touted several Republican proposals to cut government spending.

   The  Senate  has  been  debating  a  complicated  reform bill aimed at
   protecting  consumers  from  abusive  financial  practices  and ending
   government bailouts of troubled sectors of the U.S. economy.
   The  House  of  Representatives  passed  its  own version of financial
   reform  in  December.   If  the Senate passes its bill, both versions
   must  be  formed into one bill and voted on again before Mr. Obama can
   sign financial reform into law.

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