Financial system reform is the next target Obama in Congress
This is the VOA Special English Economics Report, from http://voaspecialenglish.com | http://facebook.com/voalearningenglish
Obama turned his attention to the financial reform after winning the March on health care.
On April 14 met with congressional leaders from both parties at the White House.
He said that there are areas in which Democrats and Republicans can agree. "If theres weve is the lesson, and says:
"Because [a] market where people take huge risks and expects the taxpayers to save them when things go wrong is simply unacceptable."
Books and Treasury Secretary Tim Geithner, in the Washington Post that the deep financial crisis near the end. But he said the country must not forget the near-collapse of the banking system in two thousand eight, without specifying the reason.
He told the American Society of news editors in Washington that does not protect against a new financial. Discussion today
He says, is to design a system that allows financial firms to fail without hurting the economy.
In December, the House of Representatives approved
Reform Wall Street and Consumer Protection Act. This bill would create a new agency to protect financial consumers. It will also increase the protection of investors and shareholders to allow a vote on compensation of senior executives in the company.
It will create a group to define and regulate companies that are too large, that their failure can threaten the economy.
Republicans against the bill. This was also true for March, when approved by the Banking Commission in the Senate version of its own. The project will not create an independent agency for consumption, but a new office at the Federal Reserve, the central bank.
Minority Leader in the Senate
Said Mitch McConnell of Kentucky, a bill that would make the rescue operations in the future
Most likely, not less, likely.
All the measures call for the Conference
Product control system. These contracts are used for various purposes, including investment and to protect against loss. It is estimated that unregulated derivatives market to a large extent in
600000000000000 dollars.
Government to rescue banks deemed "too big to fail"
Caused public outrage and helped force the conservative movement.
Tea Party also opposes the new law on health care and advocates for lower taxes and less government.
April 15, staged a sit-tax day, when the Americans to pay federal income tax they owe.
This is your KUNA English Economics Report.
(Adapted from 16Apr2010 Radio program)
Financial system reform is the next target Obama in Congress
