Obama's Weekly Address: Wall Street Accountability

The president discusses the current regulatory environment, SEC nominee Mary Jo White.
3:00 | 01/26/13

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Transcript for Obama's Weekly Address: Wall Street Accountability
Hi everybody. Here in America we know the free market is the greatest force for economic progress the world has ever. We also know the free market works best for everybody when we have Smart common sense rules in place to prevent irresponsible behavior. That's what we passed tough reforms to protect consumers and our financial system from the kind of abuse that nearly brought our economy to -- That's why we've taken steps to end taxpayer funded bailouts. And make sure businesses and individuals who do the right thing aren't undermined by those who don't. But it's not enough to change the law we also need cops on the beat to enforce the law. And that's -- on Thursday I nominated Mary Jo White to lead the Securities and Exchange Commission. And Richard corporate to continue leading the Consumer Financial Protection Bureau. Mary Jo White has decades of experience cracking down on white collar criminals and bringing -- and terrorists to justice. That the SEC she will help complete the task of reforming Wall Street. And keep going after irresponsible behavior in the financial industry so that taxpayers don't pay the price. Richard Cordray as champion for American consumers. After the senate refused to allow Richard and upper down vote when -- nominated him in 2000 what I took action to appoint him on -- And since then he's help protect Americans from predatory lenders launched know before you -- campaign to help families make Smart decisions about paying for college. And crack down on credit card companies that charge hidden fees. For richards' appointment runs out at the end of the year in an order for him to stay on the job the senate needs to finally give him the vote he deserves. As president my top priorities simple. To do everything in my power to fight for middle class families and give every American the tools they need to reach the middle class. That means bringing in people like Mary Joseph and Richard whose job it is to stand up for you. It means encouraging businesses to create more jobs and pay higher wages. In improving education and job training so the more people can get the skills -- businesses are looking for. It means reforming our immigration system and keeping our children safe from the menace of gun violence. And it means bringing down our deficit and a balanced way by making necessary reforms and asking every American to pay their fair share. I'm hot and humbled to continue to serve as your president. And I'm more hopeful than ever that four years from now -- your help. This country will be more prosperous more open and more committed to the principles on which we were found. Thanks and have a great weekend.

This transcript has been automatically generated and may not be 100% accurate.

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