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Obama praises US lawmakers for financial reform bill

Text by News Wires

Latest update : 2010-06-25

President Barack Obama on Friday praised lawmakers for agreeing on a historic overhaul of financial regulations that he called the "toughest consumer financial reforms" in US history.

AFP - US President Barack Obama on Friday said a sweeping financial reform bill agreed by lawmakers after marathon talks would hold Wall Street accountable and help prevent another economic meltdown.

"We are poised to pass the toughest financial reform since the ones we created in the aftermath of the Great Depression," Obama said at the White House, boosted by the deal as he headed to global economic summits in Canada.

"Early this morning the House and Senate reached an agreement on a set of Wall Street reforms that represents 90 percent of what I proposed when I took up this fight."

The 20-hour final talks produced a merged bill that must be voted on by the House of Representatives and the Senate next week, and will hand Obama a famous political victory at a tough political moment of his presidency.

Asked whether the Democratic-led Congress would pass the final bill, Obama said "You bet."

"We've seen what happens when there's inadequate oversight and insufficient transparency on Wall Street.

"The reforms making their way through Congress will hold Wall Street accountable so we can help prevent another financial crisis like the one that we're still recovering from."

Date created : 2010-06-25