Full Text Obama Presidency May 18, 2012: President Barack Obama’s Weekly Address Urges Congress to Move Forward on Wall Street Reform

POLITICAL SPEECHES & DOCUMENTS

OBAMA PRESIDENCY & THE 112TH CONGRESS:

President Obama discusses the reforms to Wall Street that he put in place to protect consumers and make Wall Street play by the same set of rules — and calls on lawmakers to finish implementing these reforms.

President Barack Obama tapes the Weekly Address
President Barack Obama tapes the weekly address. (Official White House Photo by Lawrence Jackson), 5/16/12

Weekly Address: Congress Must Move Forward, Not Back On Wall Street Reform

Source: WH, 5-19-12

President Obama discusses the reforms to Wall Street that he put in place to protect consumers and make Wall Street play by the same set of rules — and calls on lawmakers to finish implementing these reforms so that we can prevent excessive risk-taking and help create an economy that is built to last.

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POLITICAL QUOTES & SPEECHES

WEEKLY ADDRESS: Congress Must Move Forward, Not Back On Wall Street Reform

In this week’s address, President Obama discussed Wall Street reform that he put in place to protect consumers, make Wall Street play by the same set of rules, and ensure that taxpayers are never again on the hook for the type of irresponsible behavior on Wall Street that nearly destroyed our financial system and cost the economy millions of jobs.  While Republicans in Congress are still trying to delay and dismantle these critical Wall Street reforms, President Obama continues to urgeCongress to finish implementing these reformsso that we can prevent excessive risk-taking and help create an economy that is built to last.

Remarks of President Barack Obama
Weekly Address
The White House
May 19, 2012

For the past three and a half years, we’ve been fighting our way back from an historic economic crisis – one caused by breathtaking irresponsibility on the part of some on Wall Street who treated our financial system like a casino.  Not only did that behavior nearly destroy the financial system – it cost our economy millions of jobs, hurt middle-class families, and left taxpayers holding the bag.

Since then, we’ve recovered taxpayer dollars that were used to stabilize troubled banks.  And we’ve put in place Wall Street reform with smarter, tougher, commonsense rules that serve one primary purpose:  to prevent a crisis like that from ever happening again.  And yet, for the past two years, too many Republicans in Congress and an army of financial industry lobbyists have actually been waging an all-out battle to delay, defund, and dismantle Wall Street reform.

Recently, we’ve seen why we can’t let that happen.  We found out that a big mistake at one of our biggest banks resulted in a two billion dollar loss.  While that bank can handle a loss of that size, other banks may not have been able to.  And without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street’s mistakes.

That’s why it’s so important that Members of Congress stand on the side of reform, not against it; because we can’t afford to go back to an era of weak regulation and little oversight; where excessive risk-taking on Wall Street and a lack of basic oversight in Washington nearly destroyed our economy.  We can’t afford to go back to that brand of ‘you’re-on-your-own’ economics.  Not after the American people have worked so hard to come back from this crisis.

We’ve got to keep moving forward.

We’ve got to finish the job of implementing this reform and putting these rules in place.

These new rules say that, if you’rea big bank or financial institution, you now have to hold more cash on hand so that if you make a bad decision you pay for it, not the taxpayers.

You have to write out a “living will” that details how you’ll be wound down if you do fail.

The new law takes away big bonuses and paydays from failed CEOs, while giving shareholders a say on executive salaries.

And for the first time in our nation’s history, we have in place a consumer watchdog whose sole job is to look out for working families by protecting them from deceptive and unfair practices.

So unless you run a financial institution whose business model is built on cheating consumers, or making risky bets that could damage the whole economy, you have nothing to fear from Wall Street reform.  Yes, it discourages big banks and financial institutions from making risky bets with taxpayer-insured money.  And it encourages them to do things that actually help the economy – like extending loans toentrepreneurs with good ideas, to middle-class families who want to buy a home, to students who want to pursue higher education.

That’s what Wall Street reform is all about – making this economy stronger for you.  And we’re going to keep working – to recover every job lost to the recession; to build an economy where hard work and responsibility are once again rewarded; to restore an America where everyone has a fair shot, everyone does their fair share, and everyone plays by the same rules.

I believe the free market is one of the greatest forces for progress in human history; that businesses are the engine of growth; that risk-takers and innovators should be celebrated.  But I also believe that at its best, the free market has never been a license to take whatever you want, however you can get it.  Alongside our entrepreneurial spirit and rugged individualism, America only prospers when we meet our obligations to one another; and to future generations.

If you agree with me, let your Member of Congress know.  Tell them to spend less time working to undermine rules that are there to protect the economy, and spend more time actually working to strengthen the economy.  Thanks and have a great weekend.

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Political Highlights July 21, 2010: Obama Signs Wall Street Reform Bill into Law

By Bonnie K. Goodman

Ms. Goodman is the Editor / Features Editor at HNN. She has a Masters in Library and Information Studies from McGill University, and has done graduate work in history at Concordia University.

OBAMA PRESIDENCY & 111TH CONGRESS:

The President signs Wall Street Reform

White House Photo, Lawrence Jackson, 7/21/10

IN FOCUS: STATS

  • Restoring American Financial Stability Act of 2010 – Full text of the bill
  • Senate Vote 208 – Passes Financial Regulation Bill – NYT, 7-16-10
  • Senate Vote 206 – Final Senate Hurdle for Financial Regulation Bill – NYT, 7-15-10

THE HEADLINES….

  • Obama signs financial overhaul law: Declaring that “the American people will never again be asked to foot the bill for Wall Street’s mistakes,” President Obama on Wednesday signed landmark legislation providing the most sweeping overhaul of financial rules since the Great Depression.
    The new law reverses decades of deregulation, aiming to provide greater government protection for consumers and reduce risky practices at financial institutions to prevent a repeat of the financial crisis.
    Its controversial centerpiece is a new Consumer Financial Protection Bureau, which will have broad authority to write new rules for mortgages, credit cards, payday loans and other consumer products and make sure firms are adhering to them…. – LAT, 7-21-10
  • Factbox: Major financial regulation reform proposals: Following are the key elements of the 2,300-page bill… – Reuters, 7-21-10
  • The Top 10 Things You May Not Know About the Wall Street Reform and Consumer Protection ActWH, 7-21-10
  • Obama, Republicans get ready for new Wall Street battle: We’ve long had the political debate over the effectiveness of the stimulus bill; then this year came the battle over the impact of new health care law. Get ready for the political fight over the value of new Wall Street regulations. President Obama is set to sign the financial regulation bill next week, and he and the Republicans have started an argument that will last until the Nov. 2 congressional elections and beyond. The law will protect consumers, stop the “shadowy deals” that led to the financial crisis of 2008, and keep taxpayers from being “on the hook for Wall Street’s mistakes,” Obama said last evening…. – USA Today, 7-17-10
  • Financial Overhaul Signals Shift on Deregulation: Congress approved a sweeping expansion of federal financial regulation on Thursday, reflecting a renewed mistrust of financial markets after decades in which Washington stood back from Wall Street with wide-eyed admiration. The bill, heavily promoted by President Obama and Congressional Democrats as a response to the 2008 financial crisis, cleared the Senate by a vote of 60 to 39, largely along party lines, after weeks of wrangling that allowed Democrats to pick up the three Republican votes to ensure passage. The vote was the culmination of nearly two years of fierce lobbying and intense debate over the appropriate response to the financial excesses that dragged the nation into the worst recession since the Great Depression…. – NYT, 7-16-10
  • Congress acts, but bank bill has work ahead: In the end, it’s only a beginning. The far-reaching new banking and consumer protection bill awaiting President Barack Obama’s signature now shifts from the politicians to the technocrats. The legislation gives regulators latitude and time to come up with new rules, requires scores of studies and, in some instances, depends on international agreements falling into place. For Wall Street, the next phase represents continuing uncertainty. It also offers banks and other financial institutions yet another opportunity to influence and shape the rules that govern their businesses…. – AP, 7-16-10
  • Financial reform bill another win for Obama, but will the public care?: Following the Recovery Act and health-care reform, the newly approved financial reform bill shows that President Obama is adept at getting his agenda through Congress. But the American public cares about one thing right now: the economy…. – CS Monitor, 7-16-10
  • Major banking bill faces final vote this week: President Barack Obama on Tuesday secured the 60 votes he needs in the Senate to pass a sweeping overhaul of financial regulations, all but ensuring that he soon will sign into law one of the top initiatives of his presidency. With the votes in hand to overcome Republican delaying tactics, Senate Majority Leader Harry Reid on Tuesday took steps to end debate on the bill Thursday, setting the stage for final passage perhaps later in the day. The House already has passed the bill.
    “This reform is good for families, it is good for businesses, it’s good for the entire economy,” Obama said as he prodded the Senate to act quickly…. – AP, 7-14-10
  • Nelson ensures 60 votes for bank regulation bill: All but clearing the way for passage of financial regulations, conservative Democratic Sen. Ben Nelson of Nebraska said Tuesday he will vote for the sweeping overhaul of banking. His support ensures the legislation now has 60 votes to clear the Senate and land on President Barack Obama’s desk for his signature. The House passed the bill last month.
    “This reform is good for families, it is good for businesses , it’s good for the entire economy,” Obama said as he announced his nomination of Jacob Lew to be the new director of the White House budget office…. – AP, 7-13-10

POLITICAL QUOTES

  • President Obama Signs Wall Street Reform: “No Easy Task”
    Remarks by the President at Signing of Dodd-Frank Wall Street Reform and Consumer Protection Act:

    Passing this bill was no easy task. To get there, we had to overcome the furious lobbying of an array of powerful interest groups and a partisan minority determined to block change. So the members who are here today, both on the stage and in the audience, they have done a great service in devoting so much time and expertise to this effort, to looking out for the public interests and not the special interests. (Applause.) And I also want to thank the three Republican senators who put partisanship aside — (applause) — judged this bill on the merits, and voted for reform. We’re grateful to them. (Applause.) And the Republican House members. (Applause.) Good to see you, Joe. (Applause.)
    Now, let’s put this in perspective. The fact is, the financial industry is central to our nation’s ability to grow, to prosper, to compete and to innovate. There are a lot of banks that understand and fulfill this vital role, and there are a whole lot of bankers who want to do right — and do right — by their customers. This reform will help foster innovation, not hamper it. It is designed to make sure that everybody follows the same set of rules, so that firms compete on price and quality, not on tricks and not on traps.
    It demands accountability and responsibility from everyone. It provides certainty to everybody, from bankers to farmers to business owners to consumers. And unless your business model depends on cutting corners or bilking your customers, you’ve got nothing to fear from reform. (Applause.)
    Now, for all those Americans who are wondering what Wall Street reform means for you, here’s what you can expect. If you’ve ever applied for a credit card, a student loan, or a mortgage, you know the feeling of signing your name to pages of barely understandable fine print. What often happens as a result is that many Americans are caught by hidden fees and penalties, or saddled with loans they can’t afford.
    That’s what happened to Robin Fox, hit with a massive rate increase on her credit card balance even though she paid her bills on time. That’s what happened to Andrew Giordano, who discovered hundreds of dollars in overdraft fees on his bank statement –- fees he had no idea he might face. Both are here today. Well, with this law, unfair rate hikes, like the one that hit Robin, will end for good. (Applause.) And we’ll ensure that people like Andrew aren’t unwittingly caught by overdraft fees when they sign up for a checking account. (Applause.)
    With this law, we’ll crack down on abusive practices in the mortgage industry. We’ll make sure that contracts are simpler -– putting an end to many hidden penalties and fees in complex mortgages -– so folks know what they’re signing.
    With this law, students who take out college loans will be provided clear and concise information about their obligations.
    And with this law, ordinary investors -– like seniors and folks saving for retirement –- will be able to receive more information about the costs and risks of mutual funds and other investment products, so that they can make better financial decisions as to what will work for them.
    So, all told, these reforms represent the strongest consumer financial protections in history. (Applause.) In history. And these protections will be enforced by a new consumer watchdog with just one job: looking out for people -– not big banks, not lenders, not investment houses -– looking out for people as they interact with the financial system. – WH, 7-21-10
  • Wall Street Reform: Final Votes Approach: Remarks by the President in Selection of Jack Lew to be Director of OMB: Before I begin, I just want to note a breakthrough that we’ve had on our efforts to pass the most comprehensive reform of Wall Street since the Great Depression. Three Republican senators have put politics and partisanship aside to support this reform, and I’m grateful for their decision, as well as all the Democrats who’ve worked so hard to make this reform a reality, particularly Chairman Dodd and Chairman Barney Frank.
    What members of both parties realize is that we can’t allow a financial crisis like this one that we just went through to happen again. This reform will prevent that from happening. It will prevent a financial crisis like this from happening again, by protecting consumers against the unfair practices of credit card companies and mortgage lenders. It will ensure that taxpayers are never again on the hook for Wall Street’s mistakes. And it will end an era of irresponsibility that led to the loss of 8 million jobs and trillions of dollars of wealth.
    Now, as we finish our work on Wall Street reform, we’re also mindful that we’ve got significant work to do when it comes to reforming our government and reducing our deficit.
    This reform is good for families. It’s good for businesses. It’s good for the entire economy. And I urge the Senate to act quickly so that I can sign it into law next week….. – WH, 7-13-10

President Barack Obama, with Vice President Joe Biden, Delivers Remarks Before Signing the Dodd-Frank Wall Street Reform and Consumer Protection Act

President Barack Obama, with Vice President Joe Biden, delivers remarks before signing the Dodd-Frank Wall Street Reform and Consumer Protection Act at the Ronald Reagan Building in Washington, D.C. July 21, 2010. (Official White House Photo by Lawrence Jackson)

Political Highlights: May 17, 2010: Questioning Kagan, Obama Campaigns for Arlen Specter

OBAMA PRESIDENCY & 111TH CONGRESS:

The President Gives an Update on the Response to the Oil Spill

White House Photo, Chuck Kennedy, 5/14/1

IN FOCUS: STATS

  • Ratings Changes – Reid’s Included – Show GOP Momentum: Senate Majority Leader Harry Reid’s persistent vulnerability in his Nevada re-election campaign is the top takeaway from the latest race rating changes by the CQ-Roll Call elections team – the subject of today’s and tomorrow’s columns.
    But after another strong Democratic year in 2008, the tides have turned sharply in favor of a Republican rebound, this time in reaction to the assertive but politically risky agenda pursued by President Obama and the Democratic majorities in Congress. CQPolitics’ ratings in recent months have reflected this trend, as the newest changes drive home.
    Headlining the Senate ratings changes summarized below, Reid has been hurt politically by his central role as the Democrats’ point person in a series of highly partisan policy battles. With public polls continuing to show him struggling against much lesser-known candidates competing for the Republican Senate nomination in the June 8 primary, CQPolitics has changed its rating on the Nevada race to Leans Republican from Tossup…. – CQ Politics, 5-14-10
  • Voters Shifting to GOP, Poll Finds: Republicans have solidified support among voters who had drifted from the party in recent elections, putting the GOP in position for a strong comeback in November’s mid-term campaign, according to a new Wall Street Journal/NBC News poll.
    Republicans have reassembled their coalition by reconnecting with independents, seniors, blue-collar voters, suburban women and small town and rural voters—all of whom had moved away from the party in the 2006 elections, in which Republicans lost control of the House. Those voter groups now favor GOP control of Congress.
    A big shift is evident among independents, who at this point in the 2006 campaign favored Democratic control of Congress rather than Republican control, 40% to 24%. In this poll, independents favored the GOP, 38% to 30%…. – WSJ, 5-13-10

THE HEADLINES….

  • Kagan’s skills well-suited to Senate hearings: Standing before the nine Supreme Court justices, Elena Kagan is forceful, quick on her feet, admits error when necessary, then goes right back at the questioner — blunt yet polite. Her style as solicitor general is likely to serve her in confirmation hearings, but only to an extent, legal and political analysts say. Kagan has exhibited the dexterity necessary to respond to tough questions in a public forum, but a Senate Judiciary Committee hearing is a more politically charged setting than the high court. “She can’t just show that she’s a super-duper lawyer for the president,” says Ken Duberstein, a chief of staff to President Reagan who handled several Supreme Court nominations. “She has to tell a life story and convey a temperament that shows she’ll be fair and impartial.”… – USA Today, 5-17-10
  • Senator says Kagan broke law at Harvard: While Senate Republicans acknowledge that they are unlikely to derail Solicitor General Elena Kagan’s nomination to the Supreme Court, that hasn’t stopped them from testing potential lines of attack against her. Sen. Jeff Sessions (Ala.), the ranking Republican on the Judiciary Committee, accused Kagan of violating the law when she was dean of Harvard Law School between 2003 and 2008. During her tenure, she continued the school’s restrictions on campus military recruitment because of the armed forces’ “don’t ask, don’t tell” policy that bans openly gay people from serving. Sessions blasted Kagan on ABC’s “This Week” for enforcing the recruitment restrictions during a time of war, which he called “no little-bitty matter.”… – WaPo, 5-17-10
  • Obama: Democratic clean up, GOP car crashes: President Barack Obama mocked Republicans with images of cars in ditches and mopping up messes. Determined to rally Democrats, Obama told donors at a fundraiser Thursday night in New York City that his administration and congressional Democrats have tried to repair a battered economy while Republicans have remained on the sidelines. “So after (Republicans) drove the car into the ditch, made it as difficult as possible for us to pull it back, now they want the keys back,” Obama said. “You can’t drive! We don’t want to have to go back into the ditch! We just got the car out!”… – AP, 5-15-10
  • Personal ties bind Obama, Kagan President joins ranks of picking friend for court: If Elena Kagan is confirmed as the next Supreme Court justice, President Obama will have something that has become increasingly rare for presidents: a personal friend on the court. Indeed, when Obama introduced Kagan at the White House as his court nominee, it sounded almost as if he were talking about himself: a former Chicago law professor, Harvard graduate, and White Sox fan who eschewed the lucrative world of corporate law to focus on academia and public service. Obama brought her into his administration by nominating her to be solicitor general and now, after slightly more than a year in that job, he wants to elevate her to the Supreme Court. Boston Globe, 5-16-10
  • Pragmatism over partisanship? Kagan described as favoring a consensus-building, analytical style over a passion for her own ideas: Just after Election Day the fall of her senior year at Princeton, Elena Kagan published an opinion piece in the campus newspaper recounting how she had wept and gotten drunk on vodka at a campaign gathering for a liberal Brooklyn congresswoman who had unexpectedly lost a race for the Senate. Ronald Reagan was heading to the White House, and Rep. Elizabeth Holtzman — a champion for women’s causes for whom Ms. Kagan had toiled 14-hour days as a campaign press assistant — was leaving Capitol Hill. Ms. Kagan, then 20 and imbued with the liberal principles on which she had been raised, said she was flirting with despair that “there was no longer any place for the ideals we held. … I wonder how all this could possibly have happened and where on earth I’ll be able to get a job next year.”… – WaPo, 5-16-10
  • ‘General Kagan’ no newcomer to high court: Six times in the past nine months, Solicitor General Elena Kagan has come to the mahogany lectern in the hushed reverence of the Supreme Court to argue the government’s case before the justices she now hopes to join soon…. – AP, 5-15-10
  • Palin Warns NRA Obama Wants to Ban Guns: Palin, a potential 2012 presidential candidate, told National Rifle Association members during their annual meeting that the only thing stopping Obama and his Democratic allies from trying to ban guns is political backlash.
    “Don’t doubt for a minute that, if they thought they could get away with it, they would ban guns and ban ammunition and gut the Second Amendment,” said Palin, a lifelong NRA member who once had a baby shower at a local gun range in Alaska. “It’s the job of all of us at the NRA and its allies to stop them in their tracks.”… – AP, 5-14-10
  • Palin pushes abortion foes to form ‘conservative, feminist identity’ Network News: Former Alaska governor Sarah Palin told a group of women who oppose abortion rights that they are responsible for an “emerging, conservative, feminist identity” and have the power to shape politics and elections around the issue. Speaking to a breakfast gathering of the Susan B. Anthony List in downtown Washington on Friday, Palin urged more than 500 audience members to back only those candidates for public office who are uncompromisingly opposed to abortion. Palin, a potential 2012 presidential candidate, delivered calls to action to an audience dominated by women. “The mama grizzlies, they rise up,” she said, to laughter. “You thought pit bulls are tough. You don’t want to mess with the mama grizzlies. And I think there are a whole lot of those in this room.”… – WaPo, 5-14-10
  • Congressman to launch inquiry on how much oil is gushing into Gulf: A U.S. congressman said he will launch a formal inquiry Friday into how much oil is gushing into the Gulf of Mexico after learning of independent estimates that are significantly higher than the amount BP officials have provided. Rep. Edward Markey, a Democrat from Massachusetts, said he will send a letter to BP and ask for more details from federal agencies about the methods they are using to analyze the oil leak. Markey, who chairs a congressional subcommittee on energy and the environment, said miscalculating the spill’s volume may be hampering efforts to stop it. “I am concerned that an underestimation of the oil spill’s flow may be impeding the ability to solve the leak and handle the management of the disaster,” he said in a statement Thursday. “If you don’t understand the scope of the problem, the capacity to find the answer is severely compromised.” BP officials have said 5,000 barrels per day of crude, or 210,000 gallons, have been leaking for the past three weeks…. – CNN, 5-14-10
  • Senate panel approves money for Afghan, Iraq wars: A Senate committee on Thursday approved another $33.5 billion for the wars in Afghanistan and Iraq this year, although some members said they did so reluctantly. The action by the Senate Appropriations Committee is the first step toward congressional approval of the extra war spending that President Barack Obama requested in February to support his surge of 30,000 more U.S. troops into Afghanistan…. Chairman Daniel Inouye said he hoped the Senate would act on the legislation by the end of May. The money comes on top of about $130 billion that Congress already approved for the Afghanistan and Iraq wars through September 30 of this year…. – Reuters,
  • President’s visit makes impression at Industrial Support: After President Obama and his White House entourage left, when the television cameras were off, David Sullivan and managers at Industrial Support Inc. gathered in his office late Thursday and cracked open a few beers to celebrate one heck of a day. “Unbelievable,” said Sullivan, founder and president of Industrial Support. “The man is incredible — sharp, funny, personable. People were crying talking to him. The thing couldn’t have gone better.”… – Buffalo News, 5-13-10
  • Swipe this card; shopping could be cheaper: Striking at a lucrative bank business, the Senate on Thursday voted to force credit card companies to reduce fees for debit card transactions and permit merchants to offer customer discounts based on their payment method. The 64-33 vote inserted the fee requirement in a package of new financial rules the Senate is considering to ward off a repeat of the financial crisis. The vote was a major defeat for banks, which lobbied hard against it. But the measure attracted heavy bipartisan support and surpassed a 60-vote threshold for passage. Seventeen Republicans voted for the amendment; 10 Democrats voted against it. The measure from Sen. Richard Durbin, D-Ill., would force credit card companies to charge businesses less for debit card transactions than for credit card payments…. – AP, 5-13-10
  • Kagan’s Link to Marshall Cuts 2 Ways: In the spring of 1988, Justice Thurgood Marshall assigned a clerk, Elena Kagan, to write a first draft of his opinion in a case considering whether a school district could charge a poor family for busing a child to the nearest school, which was 16 miles away….
    Because Ms. Kagan has never been a judge and has produced only a handful of scholarly writings, clues to her philosophy are rare. In that vacuum, liberals and conservatives alike are attributing special significance to her clerkship year with Justice Marshall, who led the civil rights movement’s legal efforts to dismantle segregation before becoming a particularly liberal Supreme Court justice.
    But while Ms. Kagan, a former board member for the Thurgood Marshall Scholarship Fund, clearly relished the experience and admired the justice as a historic figure, she appears to have had a far more ambivalent attitude toward his jurisprudence, according to a review of his papers at the Library of Congress, her comments over the years about him and interviews with her fellow clerks and colleagues…. – NYT, 5-13-10
  • Other border states shun Arizona’s immigration law They don’t see the illegal flow of people as problematic: U.S. Border Patrol vehicles patrol near the San Ysidro port of entry, late Monday in San Diego. Arizona’s sweeping new law empowering police to question and arrest anyone they suspect is in the U.S. illegally is finding little support in the other states along the Mexican border….
    Among the reasons given: California, New Mexico and Texas have long-established, politically powerful Latino communities; they have deeper cultural ties to Mexico that influence their attitudes toward immigrants; and they have little appetite for a polarizing battle over immigration like one that played out in California in the 1990s…. – Salt Lake Tribune, 5-12-10
  • Climate change bill has critics from both sides: Sens. Joe Lieberman, I-Conn., and John Kerry, D-Mass., unveiled their long-delayed climate change bill Wednesday and immediately encountered liberal and conservative critics who said the measure was either an energy bailout or a danger to the American economy.
    “Those who’ve spent years stalling need to understand something: Killing a Senate bill is not the measure of success or victory, because if Congress can’t legislate a solution, the EPA will regulate one,” Kerry said, referring to the Environmental Protection Agency. “And it will come without the help to America’s businesses and consumers that is in this bill.”… – Houston Chronicle, 5-13-10
  • Big oil to get more grilling as oil gushes in Gulf: Oil execs to be grilled again by U.S. lawmakers * BP stock value drops $30 billion, underscoring uncertainty * Protests planned in several U.S. cities * Oil starting to wash up on shore, BP says…
    Top oil executives face a second day of grilling by U.S. lawmakers on Wednesday over a deadly well rupture that unleashed a huge oil slick and the specter of environmental disaster in the Gulf of Mexico… – Reuters, 5-12-10
  • As Clinton Aide, Kagan Recommended Tactical Support for an Abortion Ban: Elena Kagan, President Obama’s nominee to the Supreme Court, once recommended to President Bill Clinton that he support a Democratic-sponsored ban on some late-term abortions as a way to defeat a stronger measure gaining momentum in the Senate.
    As a White House domestic policy aide, Ms. Kagan sent Mr. Clinton a memorandum urging him to endorse the ban sponsored by Senator Tom Daschle, Democrat of South Dakota. The memo anticipated that the Daschle plan would fail but suggested that it would provide political cover for enough senators to stick by the president when he ultimately vetoed the tougher bill sponsored by Republicans.
    “We recommend that you endorse the Daschle amendment in order to sustain your credibility on HR 1122 and prevent Congress from overriding your veto,” Ms. Kagan and her boss, Bruce Reed, said in the memo on May 13, 1997…. – NYT, 5-12-10

POLITICAL QUOTES

The President delivers the Weekly Address

White House Photo, Samantha Appleton, 5/14/10

  • Weekly Address: President Obama “Wall Street Reform Will Bring Greater Security to Folks on Main Street” Remarks of President Barack Obama Saturday, May 15, 2010 Weekly Address Washington, DC: The way the system is currently set up, these banks are at a disadvantage because while they are often playing by the rules, many of their less scrupulous competitors are not. So, what reform will do is help level the playing field by making sure all our lenders – not just community banks – are subject to tough oversight. That’s good news for our community banks, which is why we’ve received letters from some of these banks in support of reform….
    That’s why Wall Street reform is so important. With reform, we’ll make our financial system more transparent by bringing the kinds of complex, backroom deals that helped trigger this crisis into the light of day. We’ll prevent banks from taking on so much risk that they could collapse and threaten our whole economy. And we’ll give shareholders more of a say on pay to help change the perverse incentives that encouraged reckless risk-taking in the first place. Put simply, Wall Street reform will bring greater security to folks on Main Street….
    Next week, we have a chance to help lay a cornerstone in that foundation. The reform bill being debated in the Senate will not solve every problem in our financial system – no bill could. But what this strong bill will do is important, and I urge the Senate to pass it as soon as possible, so we can secure America’s economic future in the 21st century…. – WH, 5-15-10
  • Obama pushes Wall Street reform with populism: President Barack Obama on Saturday called for swift Senate action on a sweeping overhaul of Wall Street rules to “secure America’s economic future” as a reform bill moves into the decisive stage next week. With months to go before November’s pivotal congressional elections, Obama pressed a populist theme of helping the “folks on Main Street” as he urged approval of tighter regulations to prevent a repeat of the 2008-2009 financial crisis.
    Obama’s Democrats and opposition Republicans are continuing to haggle over a slew of amendments, but the bill could come up for a vote in the U.S. Senate by the end of next week and is widely expected to pass.
    “The reform bill being debated in the Senate will not solve every problem in our financial system — no bill could,” Obama said in his weekly radio and Internet address. “But what this strong bill will do is important, and I urge the Senate to pass it as soon as possible, so we can secure America’s economic future in the 21st century.”… – Reuters, 5-15-10
  • Palin to Obama: ‘Do your job, secure our border’: Former vice presidential candidate Sarah Palin joined the national battle over Arizona’s controversial new immigration law Saturday, appearing with Gov. Jan Brewer in Phoenix to denounce the Obama administration’s criticism of the law. “It’s time for Americans across this great country to stand up and say ‘We’re all Arizonans now and, in clear unity, we say Mr. President, do your job, secure our border,'” Palin said, standing beside Brewer at a Saturday afternoon press conference…. – CNN, 5-16-10
  • Sarah Palin speaks in Rosemont: Only moments after taking the stage Wednesday at the Rosemont Theatre, former Alaska governor and conservative firebrand Sarah Palin took on officials of Highland Park High School for cancelling a trip to Arizona for its girls basketball team because of opposition to the state’s controversial new immigration law. “Keeping the girls basketball team off the court for political reasons? Those are fighting words,” Palin said. Noting the school has allowed student trips to China, Palin questioned whether school officials knew “how they treat women in China.”
    “An economic and political boycott of one of our sister states is not a way to secure our borders,” Palin said, using the title of her first book to encourage the team members to “go rogue, girls.”… – Chicago Tribune, 5-12-10

HISTORIANS & ANALYSTS’ COMMENTS

  • Matthew Dallek “History warns Obama on primaries”: President Barack Obama is deeply enmeshed in the Pennsylvania Democratic Senate primary….
    Obama is entangled in other Democratic primaries, as well. His White House has endorsed incumbent moderate Democrats in a handful of key midterm races. It has actively intervened in support of Sens. Michael Bennet of Colorado, Kirsten Gillibrand of New York and Blanche Lincoln of Arkansas.
    Obama’s political team has pressured potential rivals to bow out of some races. The president has raised funds for his preferred candidates. White House press secretary Robert Gibbs argued, for example, that Lincoln is the president’s favored candidate because she’s the incumbent.
    Obama is not the first president to be involved in intraparty fights during midterms. Ideology and political disputes have sparked squabbling in Democratic primaries throughout the past century.
    While Obama’s efforts seem motivated by a desire to retain Democratic majorities in Congress, his predecessors often had larger policy issues that spurred them to purge their Democratic foes. But in virtually every case, the results were never good for the president… – Politico, 5-11-10

The President tours Industrial Support Inc. in Buffalo, N.Y.

The President tours Industrial Support Inc. in Buffalo, N.Y., White House Photo, Samantha Appleton, 5/13/10

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