President Obama spoke this afternoon about financial reform legislation advancing in the Senate today, after the Democrats overcame a Republican filibuster with a 60-40 vote.
From the White House Rose Garden, Obama called reform “one important step that will strengthen our economy,” and added that “every American has an interest in a healthy financial sector.”
The President said that Wall Street has tried to kill reform, and “when they couldn’t kill it, they tried to water it down with special interest loopholes.”
“Today,” he said, “I think it’s fair to say these efforts have failed.” Because of the legislation, “we’ll soon have in place the strongest consumer protections in history,” and it “will bring greater security to folks on Main Street.”
Obama continued: “Let me stress that this is not a zero-sum game,” where Wall Street loses and Main Street wins. “Every American has an interest in a healthy financial sector.”
The bill will now advance to a final vote.
