Posts tagged ‘Barack Obama’
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Weekly Address: BP Spill Independent Commission
But even as we continue to hold BP accountable, we also need to hold Washington accountable. Now, this catastrophe is unprecedented in its nature, and it presents a host of new challenges we are working to address. But the question is what lessons we can learn from this disaster to make sure it never happens again.
If the laws on our books are inadequate to prevent such an oil spill, or if we didn’t enforce those laws – I want to know it. I want to know what worked and what didn’t work in our response to the disaster, and where oversight of the oil and gas industry broke down. We know, for example, that a cozy relationship between oil and gas companies and agencies that regulate them has long been a source of concern.
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In recent weeks, we’ve taken a number of immediate measures to prevent another spill. We’ve ordered inspections of all deepwater operations in the Gulf of Mexico. We’ve announced that no permits for drilling new wells will go forward until the 30-day safety and environmental review I requested is complete. And I’ve called on Congress to pass a bill that would provide critical funds and tools to respond to this spill and better prepare us to confront any future spills.
But we also need to take a comprehensive look at how the oil and gas industry operates and how we regulate them. That is why, on Friday, I signed an executive order establishing the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling.
You can read the full address here.
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Weekly Address: Wall Street Reform & Main Street
So, I just wanted to take a few minutes to talk about why every American has a stake in Wall Street reform.
First and foremost, you have a stake in it if you’ve ever been treated unfairly by a credit card company, misled by pages and pages of fine print, or ended up paying fees and penalties you’d never heard of before. And you have a stake in it if you’ve ever tried to take out a home loan, a car loan, or a student loan, and been targeted by the predatory practices of unscrupulous lenders.
The Wall Street reform bill in Congress represents the strongest consumer financial protections in history. You’ll be empowered with the clear and concise information you need to make the choices that are best for you. We’ll help stop predatory practices, and curb unscrupulous lenders, helping secure your family’s financial future.
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With reform, we’ll make our financial system more transparent by bringing the kinds of complex, backroom deals that helped trigger this crisis into the light of day. We’ll prevent banks from taking on so much risk that they could collapse and threaten our whole economy. And we’ll give shareholders more of a say on pay to help change the perverse incentives that encouraged reckless risk-taking in the first place. Put simply, Wall Street reform will bring greater security to folks on Main Street.
You can view the full remarks here.
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Weekly Address: Health Reform Starts to Kick In
Two weeks ago, four million small business owners and organizations found a postcard in their mailbox informing them that they could be eligible for a health care tax cut this year – a tax cut potentially worth tens of thousands of dollars; a tax cut that will help millions provide coverage to their employees.
Starting in June, businesses will get even more relief for providing coverage to retirees who are not yet eligible for Medicare. And a little over a month from now, on June 15th, senior citizens who fall into the prescription drug coverage gap known as the “donut hole” will start receiving a $250 rebate to help them afford their medication.
You can view the full transcript here.
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Weekly Address: Giving Government Back to the American People
Over the past few weeks, as we’ve debated reforms to hold Wall Street accountable and protect consumers and small businesses in our financial system, we’ve come face-to-face with the great power of special interests in the workings of our democracy. Of course, this isn’t a surprise. Every time a major issue arises, we’ve come to expect that an army of lobbyists will descend on Capitol Hill in the hopes of tilting the laws in their favor.
That’s one of the reasons I ran for President: because I believe so strongly that the voices of ordinary Americans were being drowned out by the clamor of a privileged few in Washington. And that’s why, since the day I took office, my administration has been taking steps to reform the system. Recently, however, the Supreme Court issued a decision that overturned decades of law and precedent – dealing a huge blow to our efforts to rein in this undue influence. In short, this decision gives corporations and other special interests the power to spend unlimited amounts of money – literally millions of dollars – to affect elections throughout our country. This, in turn, will multiply their influence over decision-making in our government.
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In the wake of the recent Supreme Court ruling, we face a similar challenge. That’s why it’s so important that Congress consider new reforms to prevent corporations and other special interests from gaining even more clout in Washington. And almost all of these reforms are designed to bring new transparency to campaign spending. They are based on the principle espoused by former Supreme Court Justice Louis Brandeis – that sunlight is the best disinfectant.
You can read the full transcript here.
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Weekly Address: Holding Wall Street Accountable
Now, unsurprisingly, these reforms have not exactly been welcomed by the people who profit from the status quo – as well their allies in Washington. This is probably why the special interests have spent a lot of time and money lobbying to kill or weaken the bill. Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue.
Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we’ve proposed. In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts – when he knows that it would do just the opposite. Every day we don’t act, the same system that led to bailouts remains in place – with the exact same loopholes and the exact same liabilities. And if we don’t change what led to the crisis, we’ll doom ourselves to repeat it. That’s the truth. Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again.
So my hope is that we can put this kind of politics aside. My hope is that Democrats and Republicans can find common ground and move forward together. But this is certain: one way or another, we will move forward. This issue is too important. The costs of inaction are too great. We will hold Wall Street accountable. We will protect and empower consumers in our financial system. That’s what reform is all about. That’s what we’re fighting for. And that’s exactly what we’re going to achieve.
Read the full transcript here.
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4/18 Week In Review: LMM Top Headlines
- PWC Chairman Corey Stewart Compares Obama Administration to Nazi Regime, On Eve of Holocaust Remembrance Day
- Stewart Offers No Apologies for Nazi Comparison, Reaffirms Using Tax Dollars to Break the Law
- Delegate Bob Marshall Suggests Shooting Lawmakers Over Policy Differences is OK
- Cuccinelli Has Mandate to Continue Wasting Our Tax Dollars
- Cord Sterling Sheds Moderate Myth, Comes Out of Closet as Tea
- Federal Income Taxes at Historically Low Levels for Middle-Income Families
- Obama: Tea Partiers Should Thank Me for Cutting Taxes
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