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White House economic adviser Austan Goolsbee (R) reacts to a question alongside White House Press Secretary Robert Gibbs during the daily press briefing at the White House in Washington January 21, 2010. The White House said on Thursday it wants to... View Photo »
U.S. President Barack Obama speaks about financial reform after his meeting with the Presidential Economic Recovery Advisory Board at the White House in Washington January 21, 2010. Obama proposed stricter limits on financial risk-taking on Thursday in... View Photo »
White House Press Secretary Robert Gibbs, left, accompanied by Council of Economic Advisers chair Austan Goolsbee, briefs reporters at the White House in Washington, Thursday, Jan. 21, 2010. View Photo »
President Barack Obama speaks about tougher regulations on banks that would limit the size and complexity of large financial institutions, Thursday, Jan. 21, 2010, at the White House in Washington. From left are: Council of Economic Advisers member... View Photo »
President Barack Obama speaks about financial reform, Thursday, Jan. 21, 2010, at the White House in Washington. From left are, Council of Economic Advisers member Austan Goolsbee; Council of Economic Advisers Chair Christina Romer; Treasury Secretary... View Photo »
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White House economic adviser Austan Goolsbee (R) reacts to a question alongside White House Press Secretary Robert Gibbs during the daily press briefing at the White House in Washington January 21, 2010. The White House said on Thursday it wants to implement newly proposed reforms in...
View Photo »White House Press Secretary Robert Gibbs, left, accompanied by Council of Economic Advisers chair Austan Goolsbee, briefs reporters at the White House in Washington, Thursday, Jan. 21, 2010.
View Photo »U.S. President Barack Obama speaks about financial reform after his meeting with the Presidential Economic Recovery Advisory Board at the White House in Washington January 21, 2010. Obama proposed stricter limits on financial risk-taking on Thursday in a new populist-tinged move that...
View Photo »President Barack Obama speaks about tougher regulations on banks that would limit the size and complexity of large financial institutions, Thursday, Jan. 21, 2010, at the White House in Washington. From left are: Council of Economic Advisers member Austan Goolsbee; Council of Economic...
View Photo »President Barack Obama speaks about financial reform, Thursday, Jan. 21, 2010, at the White House in Washington. From left are, Council of Economic Advisers member Austan Goolsbee; Council of Economic Advisers Chair Christina Romer; Treasury Secretary Timothy Geithner; House Financial...
View Photo »White House Press Secretary Robert Gibbs, left, accompanied by Council of Economic Advisers chair Austan Goolsbee, briefs reporters at the White House in Washington, Thursday, Jan. 21, 2010.
View Photo »It's not about bigger government
Some companies have tried to turn sneaky fees into a business model
The bank regulators of the bank that issues the credit card are the ones charged with enforcement. That is why the administration has pushed for a single consumer financial protection agency to make it easier
What we're trying to do here is change the most abusive credit card practices ... change the balance of power. If you have a credit card, the balance of power is like this now
When we're operating in the land of sneaky, a lot of bad things can happen because people just don't understand it
This law is putting the consumer in a stronger position. It's not absolving them from the requirement that they pay their bills, but it levels the playing field quite a bit
I’m sure Deutsche Bank doesn’t like that, because anybody would like to have taxpayer support, a lifeline to the Fed in a moment of crisis.
Biden and Volcker are old friends
This is not that. This says a bank cannot own a hedge fund, cannot own a private equity fund or do trading for its own account that is not related to its client business.
It’s not returning to Glass-Steagall
The key issue is that institutions that are getting a backstop from the taxpayer shouldn't be able to make a profit off their own investing
The president has always said he thought a consumer authority was important, that there is a tendency when it is spread over seven different agencies at it is now -- when nobody's primary responsibility is that -- that it can fall by the wayside, as you saw in past years
We're coming to the closing chapter of health care
The president has been pretty clear that when health care is done he wants financial regulatory reform, the holding accountable of financial institutions, and now he's setting the stage
I want somebody to explain why are the hundreds of billions of dollars of bonuses not being passed onto their consumers and cutting into their lending ... Because it is coming out of their profits too.
Unfortunately, underreporting unemployment has served the interest of both political parties ... The situation has grown so dire, though, that we can't tell whether the job market is recovering.
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