President Barack Obama and Vice President Joe Biden arrive to deliver remarks on financial reform on in the Diplomatic Reception Room on January 21, 2010 in Washington, DC. Obama announced measures to narrow the size and scope of banks and their investment activities.
President Barack Obama speaks about financial reform after his meeting with Presidential Economic Recovery Advisory Board Chair Paul Volcker at the White House in Washington January 21, 2010.
President Obama rolled out a new set of proposals Thursday to “protect American taxpayers and the American economy from future crises”.
“We simply cannot accept a system in which hedge funds or private-equity funds inside banks can place huge risky bets that are subsidized by taxpayers and could pose a conflict of interest,” he said.
“My message to members of Congress of both parties is we need to get this done. My message to leaders of the financial industry is to work with us,” Obama continued: “If these folks want a fight, it’s a fight I’m ready to have.”