President Obama has had it with Wall Street’s shaky (and often unethical) financial practices that lead us to (and perhaps kept us in) a crippling recession. His administration is currently pushing a Wall Street reform bill that will help overhaul the American financial system. After a filibuster and several other stalls from the Republicans, the Senate unanimously agreed on Wednesday to begin a public debate on this. Obama says he hopes this reform bill passes quickly, and so do I.
According to Reuters, Obama says the bill “may reduce the bonuses for some of the players on Wall Street, but we’ll end up having a safe, more secure financial system, and I think banks and other financial institutions can get back to making money the old-fashioned way by lending it to companies to build business and create jobs.” One of my favorite quotes from Obama on the same topic is this: “Some of the behavior generally on Wall Street, even if it’s legal, doesn’t seem to serve an economic purpose.” It’s definitely time for more transparency.
The bill would add more consumer protection from predatory lending, in addition to much greater oversight in the banking industry and stock market. While we wait for the results, I hope you will read on and enjoy my roundup of some of the best personal finance blog posts from the past week!