In Advance of the G20, Obama Continues Push for Regulatory Reform

By MichaelJames

Sep 19, 2009 6:01am

From ABC News' Sunlen Miller and Jordyn Phelps:

Leading up the G-20 Summit next week, President Obama devoted his weekly address to the work done on the economy since the last G20 meeting and the work still left undone.

“At next week’s summit, we’ll have, in effect, a five-month checkup to review the steps each nation has taken – separately and together – to break the back of this economic crisis," Obama said. "And the good news is that we’ve made real progress since last time we met – here at home and around the world.”

The G20 meeting in Pittsburgh next week will be the group's second meeting this year, following an April summit in London.

“Because of the steps taken by our nation and all nations, we can now say that we have stopped our economic freefall,” Obama said. “But we also know that stopping the bleeding isn’t nearly enough.”

The president said there still remains though “a lot of work to do” and that discussing what steps need to be taken moving forward to “close gaps in regulation” will be a focus of the Pittsburgh summit.

President Obama addressed one of the more controversial aspects of the administration’s proposed regulations — the creation of a Consumer Financial Protection Agency — which he again called for when he spoke on Wall Street this week.

Despite resistance from many banks, the president reaffirmed that he sees the agency as important to safeguarding against future economic collapses.

“Part of what led to this crisis were not just decisions made on Wall Street, but also unsustainable mortgage loans made across the country," he said. "While many folks took on more than they knew they could afford, too often folks signed contracts they didn’t fully understand offered by lenders who didn’t always tell the truth.  That’s why we need clear rules, clearly enforced. And that’s what this agency will do.”

The president signed off his address by wishing the Jewish community a happy Rosh Hashanah, which began at sundown last night.

-Sunlen Miller and Jordyn Phelps

You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus