In this week’s Address, President Obama focused his attention on the need to pass financial regulations in the wake of political and business shortcomings from Washington and Wall Street. Urging swift legislative action, the President decried Republican opposition and congressional enablers who pose a threat to financial reform:

“Just this week, Republican leaders in the House summoned more than a hundred key lobbyists for the financial industry to a pep rally and urged them to redouble their efforts to block meaningful financial reform.”

The President continued:

“The special interests and their agents in Congress claim that reforms like the Consumer Financial Protection Agency will stifle consumer choice and that updated rules and oversight will frustrate innovation in the financial markets. But Americans don’t choose to be victimized by mysterious fees and changing terms and pages and pages of fine print. And while innovation should be encouraged, risky schemes that threaten our entire economy should not. We can’t afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown.”

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