House passes financial reforms, Obama calls for Senate action

12/14/2009 | Google

President Barack Obama used his weekly radio address to lash out at financial industry executives just one day after the House of Representatives passed a broad-based reform bill that banks and other institutions spent $300 million trying to block. The House bill, which passed despite the opposition of 27 Democrats, would introduce new limits on derivative trading while granting the government new leeway to break up big companies that threaten the U.S. economy. "While innovation should be encouraged, risky schemes that threaten our entire economy should not," Obama said, urging the Senate to quickly pass a financial reform bill. "We can't afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown."

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