New data released today show the economy is moving forward–with GDP growing for the third straight quarter (at an annual rate of 3.2% in the first quarter of 2010) and consumer spending rising the most in three years:
The economy grew at a solid 3.2 percent pace during the first quarter of this year as consumers boosted their spending by the most in three years.
The Commerce Department’s initial estimate of the economy’s performance in the January-to-March quarter, released Friday, provided more evidence that the economy is strengthening. It marked the third straight quarterly gain as the United States heals from the longest and deepest recession since the 1930s…
Consumers rebounded and powered the first-quarter’s growth. They increased their spending at a 3.6 percent pace, the strongest showing since early 2007 — before the economy tipped into a recession.
One year after President Bush left our country mired in the most severe economic crisis since the Great Depression, today's solid growth in GDP, driven by consumer spending, is a sign of progress for our economy and for the middle class.
Congressional Republicans fought this progress at every opportunity. Not a single House Republican stood up for economic recovery. Instead, they tried to obstruct progress for the American people — siding with Wall Street over Main Street, insurance companies over America's families, and Big Oil over small business.
Democratic leaders have worked to turn the tide in favor of Main Street. During the final full quarter of the Bush Administration, our economy shrank by 5.4 percent; today, it has expanded by 3.2 percent, marking the third consecutive quarter of growth. In January 2009 — the last month of President Bush's term in office — we lost 779,000 jobs; last month, we gained 162,000 jobs.
America's prosperity will be measured in good-paying jobs and economic security for our middle class. By every measure — from tax cuts for 98 percent of Americans to job creation on the rise — Democratic actions have advanced the interests of the middle class and small business owners. Meanwhile, congressional Republicans have fought for Wall Street, insurers, and Big Oil — threatening to take us back to the Bush era of devastating job losses and a financial crisis that cost millions of families their homes, retirements, and savings.
Gross domestic product, the broadest measure of the nation’s economic activity, rose at a 3.2% annual rate in the quarter, the Commerce Department said…
The report marked the third straight quarter of growth, confirming the view of many economists that the recession that started in December 2007 ended at some point in the middle of last year.
The U.S. economy grew briskly in the first quarter, driven by businesses stocking up on goods for a strengthening consumer demand stoked by the lowest core inflation number in 51 years…
Consumer spending makes up about 70% of GDP, so it is a vital part of the economy in the U.S. With joblessness high, consumers have been a bit cowed during the economic recovery. But the labor market seems to be getting better — U.S. employers created jobs at the fastest pace in three years in March, recent government data said.
The 3.6% increase in consumer spending is the biggest since 3.7% in first-quarter 2007.
The U.S. economy expanded at a 3.2 percent annual rate in the first quarter as households spent more freely, setting the stage for gains in employment that may help the recovery broaden and accelerate.
Consumers may play a more prominent role in the recovery, increasing the odds of a sustained rebound, as growing sales at companies from General Electric Co. to Caterpillar Inc. promote hiring.
Today, Reps. Chris Van Hollen (D-MD), Mike Castle (R-DE), Walter Jones (R-NC), and Robert Brady (D-PA) introduced the DISCLOSE Act responding to the Supreme Court's ruling in Citizens United v. FEC that overturned the ban on corporate contributions to political campaigns. The Supreme Court’s ruling allows corporate special interests to spend tens of millions of dollars to influence elections, drowning out the voices of the American people. The DISCLOSE Act increases transparency and disclosure of political spending, prevents foreign companies from influencing America's elections, and ensures that entities that receive taxpayer money can't turn around and spend money in elections:
The DISCLOSE Act is essential to ensuring that the American people — and our democracy — are not overwhelmed by special interest money and influence in our elections. In its decision in the Citizens United case, the Supreme Court opened the floodgates to unrestricted special interest campaign donations. Congress must act to ensure that the bank accounts of Wall Street and insurance companies will not drown out the voices of America's voters.
This legislation restores transparency and accountability to our campaigns, and ensures that Americans know who is really behind political advertisements. This bill requires corporations to stand by their ads in the same way candidates do, and prevents foreign-owned entities from participating in our elections. It prevents the use of taxpayer dollars to sway elections, and sets high standards for financial disclosure by outside groups seeking to influence our democratic process.
In our democracy, the outcome of elections must be left to voters — not special interests. I applaud Congressmen Van Hollen, Brady, Castle, and Jones for taking the lead to address this challenge, and I encourage members of both parties to join them in the fight to preserve and protect the rights and interests of all Americans.
Rep. Chris Van Hollen (D-MD):
I'm proud today to be joined by Congressmen Castle, Jones, and Brady to introduce the bipartisan DISCLOSE Act. This legislation will let the sun shine in at a time when so many Americans are already concerned about the influence of powerful special interests on our democracy. Every citizen has a right to know who is spending money to influence elections, and our legislation will allow voters to follow the money and make informed decisions.
Rep. Mike Castle (R-DE):
At a time when Americans are struggling to have their voices heard in Washington, the Citizens United ruling expanded the ability of special interest to influence the political process. Americans have the right to know what organization or individual is behind political advertisements and under the disclosure requirements in this bill, they will get this critical information.
Rep. Walter Jones (R-NC):
The American people are crying out for sunshine and reform in the electoral process, and those are issues I've worked on throughout my career. My presence here today is an extension of that effort. I don't know many people in Eastern North Carolina who believe that transparency is a bad idea, or that Chinese or Russian-flagged companies should be able to spend unlimited amounts to influence U.S. elections, or that Wall Street banks should be allowed to spend their bailout money on campaign ads. This bill would address those issues.
Chairman Robert Brady (D-PA):
The bill being discussed today helps restore some of the balance between the citizen and his or her right to a government that's accountable only to them. The Committee on House Administration has jurisdiction over federal elections, and therefore the vast majority of this bill. The Committee already held its first hearing on this matter back in February and I am announcing that I will be holding a hearing on this legislation as soon as next Thursday. I am very committed to getting this legislation passed in the House, passed in the Senate and on the President's desk by the time the midterm elections are in full swing.
Senate Republicans say they are ready to end their stalling tactics and begin debate on legislation designed to overhaul the nation's financial regulations and prevent a repeat of the 2008 economic meltdown.
The movement came after Democrats pledged to meet through the night — an attempt to shame Republicans into debating the issue — and after Republicans said they had reached an impasse in private negotiations.
Speaker Pelosi after Senate Republicans announced they would finally allow debate:
For three straight days, Senate Republicans sided with Wall Street over Main Street. Republican leaders chose obstruction and delay over progress for the middle class. They threatened to take us back to the failed Bush policies that cost us 8 million jobs, resulted in record foreclosures, and led to the most severe economic downturn since the Great Depression.
This afternoon, Republicans announced they will finally allow the Senate to move forward with an open debate over how to protect taxpayers from the recklessness of Wall Street. Now Republicans face the real test: will they continue to stand with Big Banks and special interests and push for a weaker bill — or will they join Democrats to pass strong legislation that defends Main Street and the middle class. Democrats are on the side of Main Street — it is time for Republicans to join us.
When people with individual policies fall ill and submit claims for expensive treatments, some insurance companies launch investigations. They scour the policyholder's original insurance application and the person's medical records to find any discrepancy, any omission, or any misstatement that could allow them to cancel the policy.
They try to find something – anything – so they can say that this individual was not truthful. It doesn't have to relate at all to the medical care the person is seeking, and often it doesn't. You might need chemotherapy for lymphoma, but the insurance company can cancel your coverage because you failed to disclose your gall stones.
It may come as a surprise to most people, but the insurance companies believe they are entitled to cancel policies even when these omissions or discrepancies are unintentional. They believe they have the right to cancel policies even when someone else, like the agent who sold their policy, was responsible for the discrepancy in the first place. In addition, they can terminate coverage not just for the primary policyholder, but for the entire family, including innocent children who did nothing wrong.
The Committee found, among other alarming issues, that in the last five years 20,000 individual insurance policyholders have had their policies rescinded by just three insurance companies (Assurant, UnitedHealth Group, and WellPoint). The investigation also uncovered that at least one insurance company, WellPoint, evaluated employee performance based in part on the amount of money its employees saved the company through retroactive rescissions of health insurance policies.
Rep. Stupak: Let me ask each of our CEOs this question, starting with you, Mr. Hamm. Would you commit today that your company will never rescind another policy unless there was intentional fraudulent misrepresentation in the application?
Mr. Hamm, CEO, Assurant Health: I would not commit to that.
Rep. Stupak: How about you, Mr. Collins? Would you commit not to rescind any policy unless there is intentional fraudulent misrepresentation?
Mr. Collins, CEO, Golden Rule Insurance Company, UnitedHealth Group: No, sir. We follow the State laws and regulations and we would not stipulate to that. That is not consistent with each State’s laws.
Rep. Stupak: How about you, Mr. Sassi? Would you commit that your company will never rescind another policy unless it was intentional fraudulent misrepresentation?
Mr. Sassi, President and CEO, Consumer Business, WellPoint, Inc: No, I can’t commit to that. The intentional standard is not the law of the land in the majority of States.
As Members of Congress worked on comprehensive health insurance reform, people like Robin Beaton were at the forefront of their minds. Robin testified that days before she was scheduled to have a double mastectomy for a very aggressive form of breast cancer, Blue Cross canceled her surgery, launched an investigation into whether she had not disclosed acne, and rescinded her coverage to get out of paying for her care. In the five months it took to get her insurance back, Robin’s tumor grew from 2.3cm to 7cm and she had to have all her Lymph nodes removed.
SEC. 2712. PROHIBITION ON RESCISSIONS.
A group health plan and a health insurance issuer offering group or individual health insurance coverage shall not rescind such plan or coverage with respect to an enrollee once the enrollee is covered under such plan or coverage involved, except that this section shall not apply to a covered individual who has performed an act or practice that constitutes fraud or makes an intentional misrepresentation of material fact as prohibited by the terms of the plan or coverage. Such plan or coverage may not be cancelled except with prior notice to the enrollee, and only as permitted under section 2702(c) or 2742(b).
Last week, most of your companies announced plans to implement ahead of schedule the provision in the health reform law allowing individuals up to age 26 to obtain coverage through their parents’ health insurance. This step will help many bridge the gap between graduation and the effective date of this requirement. This decision signals that you are willing to work to make health insurance more accessible and affordable. We commend you for this step.
Also last week, Secretary Sebelius, reacting to recent media reports, wrote to Ms. Braly asking that WellPoint immediately end its efforts to rescind health insurance coverage except in cases of fraud or intentional misrepresentation of material fact. These rescissions hurt patients who need coverage the most, such as women diagnosed with breast cancer. We are writing to ask all of your companies to end any such abusive practices immediately.
In addition, to ensure that rescissions occur only in cases of fraud or intentional misrepresentation of material fact, we request that each of your companies immediately institute a policy of independent, external third party review. Under such a procedure, no individual health insurance policy should be rescinded until the review confirms that fraud or material misrepresentation has in fact occurred.
Taking these actions now would be consistent with your earlier decision to implement consumer protections for individuals under 26 voluntarily and would further demonstrate a commitment to reliable coverage for your policyholders.
As of this morning, two of the companies who told Congress last year they wouldn’t end rescissions, WellPoint and UnitedHealth Group, have announced that they will implement the rescission reforms in the health insurance reform bill ahead of schedule–with WellPoint ending them on May 1st, and UnitedHealth ending them immediately. Speaker Pelosi on the news of UnitedHealth's announcement that it would implement rescission reforms ahead of schedule:
Today, UnitedHealth became the second major health insurer to take action even sooner than the law requires to end the shameful practice of dropping people's health coverage when they get sick.
This decision marks another step forward in our effort to implement health insurance reform effectively and quickly, and ensure that the health care system works to the benefit of all Americans. All insurers should end this practice immediately.
This announcement is further evidence that congressional Republicans who are calling for repeal are out of touch because they are against ending abuses by insurance companies that even the companies themselves are beginning to address.
With the health insurance reform now law, no longer will corporate interests stand in the way of the best interests of patients and the best care our doctors can provide.
UPDATE: America’s Health Insurance Plans (AHIP), the national association representing health insurance companies, responded tonight to Chairmen Levin, Miller, and Waxman’s letter saying that they will implement the ban on rescissions next month:
We are writing in regard to the rescission provision in the new health care reform law that is scheduled to go into effect in September. While many health plans already abide by the standards outlined in the new law, our community is committed to implementing the new standard in May 2010 to ensure that individuals and families will have greater peace of mind when purchasing coverage on their own.
AHIP also states “support” for independent, external third party review:
Our industry also has long supported states setting up a process to make external review available to individuals whose policies have been rescinded so they can have their case heard by an independent panel of experts whose decision would be binding on the health plan. In fact, a number of health insurance plans already provide this valuable service to their individual market policyholders. Other plans are in the process of reaching out to state officials and third party review organizations to explore ways to make independent review available to consumers.
Senate Republicans offered counter-proposals on financial regulation reform on Tuesday that seek to water down portions of a massive Democratic bill that has been under development for months.
Senate Republicans have put forward an alternative proposal to the Democratic bill to overhaul the nation's financial regulations. A review of the 20-page summary of the proposal shows substantial differences from the Democratic measure, which has the support of the Obama administration…the Republican proposal would give consumer regulators fewer powers, and give the government less authority to rein in the activities of large financial companies, than the Democratic bill proposes to do.
President Obama went to the heartland to pitch financial reform Tuesday, but unimpressed Senate Republicans blocked the overhaul for a second straight day…
“It’s one thing to oppose reform, but to oppose just even talking about reform in front of the American people, and having a legitimate debate, that’s not right,” Obama said. “The American people deserve an honest debate on this bill.”
For a second time in as many days, U.S. Senate Republicans mustered enough votes on Tuesday to block debate of a Democratic bill that would bring the biggest overhaul of financial regulation since the 1930s.
President Barack Obama and the Democrats want tighter rules on banks and capital markets to prevent a repeat of the 2008-2009 financial crisis, which tipped the economy into a deep recession and unleashed reform efforts worldwide.
The legislation ensures that families in rural communities continue to have access to much-needed affordable mortgages at no cost to the taxpayers and continues the Department of Agriculture’s loan guarantee program which provides middle-income rural households with access to affordable mortgages (Section 502 home loans). The economic crisis of the past two years has led to a significant increase in demand for these loans, with the number of rural home loans tripling since 2006, and federal funding failing to keep up. As a result, the program is expected to run out of funding within days. This bill makes the program self-funded, with small fees on lenders on the guaranteed loan at origination.
The Council of Economic Advisers (CEA) issued a report today on Strengthening the Rural Economy, surveying the current state of rural America and outlining policies to support and strengthen the rural economy. The report details how the Recovery Act signed into law last year is helping–some facts about what the Recovery Act is doing:
Increasing SBA small business lending, with SBA loans for rural areas 2.5 times higher in December 2009 from January 2009
Spurring clean American-made energy, much of which is produced in rural America, along with the Energy Independence and Security Act of 2007
Accelerating the spread of broadband internet service to rural areas
Upgrading water infrastructure to address the lack of safe drinking water in rural areas with $3.7 billion in loans and grants for rural water and wastewater infrastructure
Making a down payment in the rural workforce by providing $7 billion for education in rural communities
Investing nearly $26 billion in health information technology, critical to dealing with the unique difficulties rural families face in accessing doctors and hospitals
A total of $7.2 billion in federal stimulus funding has been allocated to Texas for increasing broadband accessibility in rural areas, said Texas Agriculture Commissioner Todd Staples…
Staples said the funding will help rural town libraries, hospitals and schools expand broadband services.
“Local schools are some of the biggest employers in rural Texas, and having the tools that they need to educate our kids will make a tremendous difference,” he said.
According to research, 173,000 jobs could be created in Texas through broadband expansion.
Expanding high-speed Internet could also enhance and improve health care. The same study estimates Texas would save an average of more than $52 million in annual health care costs if broadband services are expanded across the state.
The federal stimulus bill will help St. Luke’s Mountains States Tumor Institute fight cancer.
MSTI is among 14 new cancer centers chosen by the National Cancer Institute to join a national network of community cancer centers with a shared mission to expand research and care opportunities at hospitals serving largely rural, suburban, small town and underserved populations.
As one of the new cancer centers joining the effort, St. Luke’s MSTI will receive $5 million over the next two years for research, clinical trials, outreach efforts and more.
Tiny Dove Creek has a new spot for renewable energy and jobs, paid for in part by Obama's stimulus package.
San Juan Bioenergy will get nearly $300,000 for its bioenergy production plant.
The money comes from the $787 billion American Recovery and Reinvestment Act, popularly known as the stimulus. In a statement, Congressman John Salazar praised the work of the company.
“This funding will help grow the development of renewable energy and protect jobs at a time when jobs need protecting,” he said. “I'm glad to support this effort and I will continue to support efforts that help America develop renewable energy solutions and grow the economy of rural Colorado.”
The Democratic-led Congress will continue to take America in a New Direction, working to create American jobs and a strong new foundation for our economy in rural America, protecting Main Street and the middle class.
Senate Republicans, united in opposition to the Democrats' legislation to tighten regulation of the financial system, voted on Monday to block the bill from reaching the floor for debate.
Republicans voted unanimously Monday to block an effort to overhaul financial regulations from reaching the Senate floor…
About two-thirds of Americans supported stricter regulations on the way banks and other financial institutions conduct their business, according to a Washington Post-ABC News poll. Majorities also backed two main components of pending Senate bill: greater federal oversight of consumer loans, and a proposed fund paid for by the financial industry that would go toward dismantling failed firms that put the broader economy at risk.
Democrats say Republicans are protecting Wall Street at the expense of millions of Americans who lost jobs after the crisis. Senate Democratic leader Harry Reid said the vote shows Republicans want to “protect the big banks.”
Senate Republicans on Monday united to block legislation that would make the most far-reaching changes in financial industry regulation since the Great Depression…
Democrats planned to keep up the pressure on Republicans after an expected setback put the brakes on Senate consideration of financial regulations. They scheduled a vote for Tuesday afternoon to test the Republicans’ unity.
First, Congressional Republicans solicited donations from the big Wall Street lobbyists. Then they parroted their talking points. Following the votes against reform in the Senate this week, do Americans need anymoreevidence that Congressional Republicans are protecting Wall Street special interests and Big Banks over progress for the middle class? For American workers, families and small businesses, the message is clear–Republicans are siding with Wall Street over Main Street every time.
Speaker Pelosi’s statement on the second consecutive day of Senate Republican’s blocking debate on Wall Street reform:
The failure of Republicans to oversee our financial system resulted in a financial crisis that cost our country 8 million jobs and produced the worst economic downturn since the Great Depression. Yet, at every opportunity, Republicans choose to protect Big Banks and Wall Street, say no to common-sense reforms, and reject sound solutions to strengthen oversight of our financial system.
This afternoon, Senate Republicans once again sided with Wall Street over Main Street. They said no to America's consumers and they placed their bets on the side of the people who already gambled and lost with our families' college savings, homes, and retirements.
Democrats are fighting to rein in Wall Street and Big Banks. In December, the House passed legislation, over unanimous Republican opposition, to stop reckless and excessively risky practices on Wall Street, and restore transparency, accountability, and fairness to a financial system run amok.
As Senate Republicans seek to weaken the consumer protections and accountability at the center of our Wall Street reform legislation, Democrats will continue to fight for the strongest bill possible to protect Main Street from the excesses of Wall Street.
After Republicans voted tonight to block debate on Wall Street reform in the Senate, Speaker Pelosi issued the following statement:
For more than a decade, Congressional Republicans failed to provide robust oversight of Wall Street, which crippled our financial system and resulted in 8 million jobs lost for America's workers. Tonight, Senate Democrats tried to begin debate on tough accountability and transparency for big banks and for Wall Street — but Republicans said no. Once again, they sided with Wall Street over Main Street.
Democrats in Congress are committed to reining in the excesses of Wall Street and standing with America's middle class. In December, the House passed the Wall Street Reform and Consumer Protection Act, which ends taxpayer-funded bailouts, unwinds so-called 'too big to fail' firms, requires that consumers get the information they need to make smart decisions, reforms executive pay, and holds the big banks and Wall Street accountable to American taxpayers.
Just as every Senate Republican did tonight, every House Republican sided with Wall Street and voted no in December.
While Congressional Republicans protect special interests and big banks, Democrats are fighting to protect consumers and small businesses. We must act now to restore responsibility to Wall Street.
Meanwhile, regional editorial boards from across the country are voicing support for Wall Street reform, and criticizing Republican attempts to delay the legislation and protect Big Banks:
Democrats and Republicans in the Senate are getting closer to striking a deal on a proposed overhaul of financial regulation…That’s the good news. Still in doubt, though, is how well lawmakers have learned the lessons of the Wall Street meltdown that sent the economy reeling in 2008. The Republicans’ rhetoric suggests that they cling to a revisionist view of that recent history, or that they remain in denial about the fundamental failure of the market to protect itself against the financial industry’s worst instincts.
…Both Republicans and Democrats recognize that the current financial regulatory system contributed to the latest Wall Street collapse. And neither side wants to have to vote for another bailout, so there are good political reasons for them to come to an agreement on a bill. But before the Senate can come up with a bipartisan plan for more effective regulation that punishes failure instead of coddling it, the GOP is going to have to acknowledge the gaps in oversight that led us to this point.
One Republican lawmaker insists reform would fund future bailouts – a charge that is more about tapping into public anger to build opposition to reform than it is about the truth.
The goal of reform is to tighten rules for capital, risk management and liquidity, to help ensure growing companies pose less risk to the financial system.
The legislation wouldn’t fund bailouts; it would help prevent the need for them in the future.
Wall Street’s fraud and recklessness vaporized trillions in household wealth, and lawmakers have an obligation to restore practices limiting the dangers to both the global economy and taxpayers.
Goldman Sachs is the latest example of an out-of-control financial system in need of stronger regulations.
Corker and Sen. Chris Dodd, D-Conn., worked like adults during the early development of the legislation. Corker wound up not supporting the final product but has refused to join in with colleagues who have been trashing the bill in a manner reminiscent of the distortions that clouded the health care reform debate.
While McConnell and other Republicans were describing the financial regulation legislation as a 'bailout bill,' although it is designed to avoid government bailouts, other senators, encouraged by Corker, have made moves that could turn the legislation into full-fledged bipartisan, voter-pleasing, landmark legislation.
Sen. Bob Corker (R-Tenn.) had the right idea last Thursday when he said this about the differences between Republicans and Democrats on financial reform legislation: 'Let's act like adults and work 'em out.'
Over the past several days, you could almost see Corker biting his tongue as his party's Senate leader, Mitch McConnell (R-Ky.), went around saying the bill would institutionalize taxpayer bailouts of big Wall Street banks.
A procedural vote scheduled for today in the Senate should provide insight into just how far Republicans are willing to go to stop President Obama and Democrats in their efforts to overhaul regulation of Wall Street.
Though it’s indisputable that loose regulation led to the 2008 fiscal crisis, too many GOP lawmakers are balking at reform.
Their rationale? Senate GOP leader Mitch McConnell, for example, contends the proposed legislation would encourage future taxpayer-financed bailouts of big banks. Obama responded in his Wall Street speech last week, saying flatly: 'That is not true. A vote for reform is a vote to put a stop to taxpayer-funded bailouts.'
Nonetheless, GOP senators refused to begin debate on the reform bill last week. As a result, Senate Majority Leader Harry Reid is expected to call the first procedural vote Monday to stop a seeming GOP filibuster. Reid is right to call for the vote. No more excuses. Let the debate begin.
For American workers, families and small businesses, the message is clear — Republicans are siding with Wall Street over Main Street every time. As President Obama said tonight, we can’t afford that:
I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin. Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can't afford that. A lack of consumer protections and a lack of accountability on Wall Street nearly brought our economy to its knees, and helped cause the pain that has left millions of Americans without jobs and without homes. The reform that both parties have been working on for a year would prevent a crisis like this from happening again, and I urge the Senate to get back to work and put the interests of the country ahead of party.
The video archives are also cross-referenced with the legislative floor proceeding summary so you can skip ahead in the video archive on any given day by clicking the part of the debate you are interested in. For example, this is last Wednesday’s debate of the Caregivers and Veterans Omnibus Health Services Act–legislation that enhances health services for the 1.8 million women veterans, expands mental health services, and provides new support for families and others who care for disabled, ill, or injured veterans:
Nearly two years after Republicans' failure to provide common-sense oversight of Big Banks and Wall Street almost brought down our financial system and resulted in 8 million American jobs lost, Congressional Republicans continue to protect Wall Street over Main Street. They are even threatening to block Wall Street reform from being debated in the Senate.
Democrats in Congress are committed to reining in Big Banks and Wall Street to ensure consumers and small businesses on Main Street are protected from financial crises in the future.
A new Washington Post/ABC News poll released this morning shows a majority of Americans support Wall Street reform and believe President Obama is more capable of handling this effort than Congressional Republicans. From the poll:
65% of Americans support stricter financial regulations on the way banks and other financial institutions conduct their business — by a 34-point margin (65% compared to 31%).
More Americans say they trust President Obama over Congressional Republicans to handle financial industry regulation — 52% support the President compared to 35% for Congressional Republicans, a 17-point margin.