President Obama made his closing argument in favor of the financial reform bill that he says helps protect the Average Joe from sketchy Wall Street practices that hurt the US economy. Obama feels “Wall Street reform will bring greater security to folks on Main Street.” Obama also repeated a promise that the bill will not punish Wall Street, but rather it will rein in the financial industries unregulated behavior that hurt middle-class Americans while lining the pockets of brokers and bank executives.
President Obama also vowed that the days of taxpayers bailing out Wall Street’s culture of greed are over. “Because of financial reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts, period,” Obama said.
This financial reform bill is one of the more important bills to have hit the steps of Washington in a long time. After the recent collapse of our economy it is apparent that some sort safeguards need to be put in place so that we can ensure this does not happen again.
I am all for implementing various processes designed to protect the Average Joe when it comes to financial institutions lending money. The US economy can not afford another recession like the one we are currently facing. By making sure that financial institutions are adhering to industry best practices we can limit the chances of people entering into loan agreements that they can not afford.
Previously various financial institutions signed people up for bad loan terms knowing these consumers would more than likely default on their loans. These financial institutions were just looking out for themselves and trying to make as much money as possible from each loan. With the passing of a financial reform bill these financial institutions would no longer be able to create loans that are only beneficial for them. These organizations would have to adhere to several guidelines and procedures that would make sure the Average Joe is getting a fair deal.
Hopefully Obama’s recent endorsement of a financial reform bill will help get the bill passed through the Senate and House of Representatives so that it can become a law sooner rather than later. The quicker lawmakers pass this financial reform bill the sooner our economy can get back onto the road of recovery.