Obama touts reforms after bank’s $2 billion loss
Topics: From the Wires, Politics News
WASHINGTON (AP) — President Barack Obama on Saturday pointed again to the multi-billion-dollar trading loss at JPMorgan Chase as a reason Congress should retain and continue to implement Wall Street reforms to prevent the kinds of practices that he says led to the financial meltdown in 2008.
JPMorgan Chase’s loss, which bank officials disclosed last week, has renewed calls by Democratic lawmakers for tougher rules on major financial institutions.
“Without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street’s mistakes,” Obama said in his weekly media address. He added: “We’ve got to finish the job of implementing this reform and putting these rules in place.”
Obama touted rules that would require big banks or financial institutions to have more cash on hand to cover losses and that would take away big bonuses and paydays from failed CEOs.
The president said financial institutions that “aren’t cheating customers or making risky bets that could damage the whole economy” have nothing to fear from reforms.
“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 to entrepreneurs with good ideas, to middle-class families who want to buy a home, to students who want to pursue higher education,” he said.
In the Republican’s weekly address, Sen. Ron Johnson, R-Wis., faulted what he called a “do-nothing Senate” under Democratic Majority Leader Harry Reid for the frustrations he said he has felt in his 16 months in Congress.
More Related Stories
-
6 things you need to know about dark money groups
-
Jester clowns Westboro Baptist Church
-
GOP: Party of crybabies
-
Developers evict historic women's shelter to build luxury hotel
-
Guantánamo prisoner on hunger strike cries for help on Twitter
-
3 possible solutions to international tax avoidance
-
“I just want the U.S. to send my father home”
-
Army weapons engineer tied to white nationalist organizations
-
Ted Cruz against the world
-
David Vitter's hypocritical, punitive, horrible new amendment
-
Louie Gohmert: Women should be forced to carry nonviable pregnancies to term
-
Could hackers destroy the U.S. power grid?
-
Democrats may be even worse than Republicans at regulating Wall Street
-
Eric Holder versus journalism
-
A progressive defense of drones
-
There's no substitute for government disaster relief
-
Holder signed off on search warrant for reporter
-
Mississippi could begin prosecuting women for miscarriages
-
Mike Judge: "Bowling for Columbine" made me pro-gun
-
Closing Gitmo is not enough
-
Murkowski: Palin too disengaged to run for Senate
Featured Slide Shows
The week in 10 pics
close X-
Lisa Montgomery embraces her nephew Thursday after a tornado tore apart her home in Cleburne, Texas. The twister killed six people and destroyed entire swaths of the North Texas town.
Credit: AP/LM Otero -
Jack McMahon, the defense attorney for abortion doctor Kermit Gosnell, speaks outside the Criminal Justice Center in Philadelphia Tuesday. His client was convicted of killing three babies in his clinic, and will serve multiple life sentences.
Credit: AP/Matt Rourke -
A photo taken Monday captures Vice President Joe Biden's response to a Milwaukee second-grader's innovative proposal to end America's epidemic of gun violence. This guy!
Credit: AP/Jenny Aicher -
Sen. Rand Paul, R-Ky., flanked by a grouper-eyed Michele Bachmann, addresses the IRS' admission that it targeted Tea Party groups in advance of the 2012 election. In an op-ed for CNN Thursday, the Kentucky senator slammed the president for his faux outrage.
Credit: AP/Molly Riley -
Ousted IRS chief Steven Miller is sworn in on Capitol Hill Friday. Miller testified before the House Ways and Means Committee on the extra scrutiny the agency gave conservative groups applying for tax-exempt status.
Credit: AP/J. Scott Applewhite -
Attorney General Eric Holder pauses as he testifies on Capitol Hill before the House Judiciary Committee Wednesday. Holder is under fire, among other things, for the Justice Department's gathering of phone records at the Associated Press.
Credit: AP/Carolyn Kaster -
O.J. Simpson sits during an evidentiary hearing at Clark County District Court in Las Vegas, Nev., Thursday. Simpson, who is currently serving a nine-to-33-year sentence in state prison for armed robbery and kidnapping, is using a writ of habeas corpus to seek a new trial.
Credit: AP/Las Vegas Review-Journal/Jeff Scheid -
Major Tom to ground control: On Sunday astronaut Chris Hadfield recorded the first music video from space, a cover of David Bowie's "Space Oddity."
Credit: AP/NASA/Chris Hadfield -
When it rains it pours. President Barack Obama speaks during a news conference Thursday with Turkish Prime Minister Recep Tayyip Erdogan, inexplicably inspiring an #umbrellagate Twitter meme.
Credit: AP/Jacquelyn Martin -
A smoke plume rises high above a road block at the intersection of County A and Ross Road east of Solon Springs, Wis., Tuesday. No injuries were reported, but the the wildfire caused evacuations across northwestern Wisconsin.
Credit: AP/The Duluth News-Tribune/Clint Austin -
Recent Slide Shows
Most Read
-
Judge tells lesbian couple to separate -- or lose kids
-
9-year-old slams Rahm over Chicago schools
-
Greek yogurt, toxic waste hazard?
-
Tornado survivor to Wolf Blitzer: Sorry, I'm an atheist. I don't have to thank the Lord
-
Experts: Fox News spying scandal a game-changer
-
Kaitlyn Hunt refuses plea offer, will go to court over high school relationship
-
Glenn Beck: CNN interview with atheist tornado survivor was a setup!
-
Graphic video reportedly shows possible London machete attack suspect
-
Joe Francis apologizes for calling jury "retarded"
-
Ted Cruz against the world
Popular on Reddit
links from salon.com
142 points143 points144 points | 12 comments
78 points79 points80 points | 21 comments
Hackers In Iran Trying To Sabotage U.S. Energy Companies: Officials
Pioneering Journalist Known For Civil Rights Coverage Dies At 81
Christopher Hayes: London Terror
Chris Weigant: Friday Talking Points -- Pivoting To Other News
-
No Evidence FBI Is Targeting Chechen Separatists In Boston Bombing Case, Advocates Say - Welcome Back Weiner Puns
-
Bill De Blasio Won't Be Distracted By Anthony Weiner -
State Roadblocks Could Complicate Marriage Momentum - Obama Calls On Naval Academy Graduates To Help Put An End To Sexual Assault In The Military
Comments are not enabled for this story.