Paulo Augusto --
President Obama means business.
He's committed his administration to reining in Wall Street and creating
the strongest consumer protections in history. And on Friday he made it
clear that we can't allow another devastating financial crisis -- so
he'll veto any reform bill that doesn't bring the derivatives market
But the Senate could begin debate as soon as this week, and Republican
leaders are teaming up with Wall Street lobbyists to defeat the bill --
so the President needs your help to show that the
American people stand with him on Wall Street reform:
P.S. -- Don't miss the President's message from Friday below.
From: Barack Obama
Subject: Wall Street reform
It has now been well over a year since the near collapse of our entire
financial system that cost the nation more than 8 million jobs. To this
day, hard-working families struggle to make ends meet.
We've made strides -- businesses are starting to hire, Americans are
finding jobs, and neighbors who had given up looking are returning to
the job market with new hope. But the flaws in our financial system that
led to this crisis remain unresolved.
Wall Street titans still recklessly speculate with borrowed money. Big
banks and credit card companies stack the deck to earn millions while
far too many middle-class families, who have done everything right, can
barely pay their bills or save for a better future.
We cannot delay action any longer. It
is time to hold the big banks accountable to the people they serve,
establish the strongest consumer protections in our nation's history --
and ensure that taxpayers will never again be forced to bail out big
banks because they are "too big to fail."
That is what Wall Street reform will achieve, why I am so committed to
making it happen, and why I'm asking for your help today.
with me to show your support for Wall Street reform.
We know that without enforceable, commonsense rules to check abuse and
protect families, markets are not truly free. Wall Street reform will
foster a strong and vibrant financial sector so that businesses can get
loans; families can afford mortgages; entrepreneurs can find the capital
to start a new company, sell a new product, or offer a new service.
Consumer financial protections are currently spread across seven
different government agencies. Wall Street reform will create one single
Consumer Financial Protection Agency -- tasked with preventing predatory
practices and making sure you get the clear information, not fine print,
needed to avoid ballooning mortgage payments or credit card rate hikes.
Reform will provide crucial new oversight, give shareholders a say on
salaries and bonuses, and create new tools to break up failing financial
firms so that taxpayers aren't forced into another unfair bailout. And
reform will keep our economy secure by ensuring that no single firm can
bring down the whole financial system.
With so much at stake, it is not surprising that allies of the big banks
and Wall Street lenders have already launched a multi-million-dollar ad
campaign to fight these changes. Arm-twisting lobbyists are already
storming Capitol Hill, seeking to undermine the strong bipartisan
foundation of reform with loopholes and exemptions for the most
egregious abusers of consumers.
I won't accept anything short of the full protection that our citizens
deserve and our economy needs. It's a fight worth having, and it is a
fight we can win -- if we stand up and speak out together.
So I'm asking you to join me, starting today, by adding
your name as a strong supporter of Wall Street reform:
President Barack Obama
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