Barack Obama suggested reforms to the financial system

Barack Obama defensed the necessity of reform the financial system to protect consumers and regulate the behavior in Wall Street.

Obama suggested in the yearly meeting on Washington of the enterprise council, to support the law project discussed in the congress about the financial reform.

“The measures we proposed are no way intended to hurt companies”. Assured Barack obama.

“As we learned so painfully last years, the Government has the obligation to establish rules of common sense in the markets”, aggregated.

Otherwise, “some can find more attractive try to take profit of the system than compete and innovate in honest way inside it”.

Barack Obama was speaking when the senate was beginning a discussion about the law project.

The chamber wants to vote a new amendment that stipulates that contributors won’t have to cover resulting loses if the government has to liquidate a financial corporation of big size in bankrupt

The senate thinks that will continue the discussion on the measure and vote about various amendments along next weeks.

Barack Obama warned today in his speech about some of these amendments, presented by the republican opposition, that in his point of view could serve to weaken the measure.

So Barack Obama declared that “we can’t let this reform be washed”. “And those among you in the financial industry whose corporations could have contracted chieftains than want to weaken the law, I reiterate to you…to join us,not to fight us”.

Among some of the proposals, the White House pointed amendments that would exclude the car concessionaires that give financement and the credit departments of big retailers.

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