(WASHINGTON) — Earlier this week, President Obama made clear that in his second term he plans to hold Wall Street accountable for wrongdoing when he nominated two former prosecutors to be top financial regulators.
In his weekly address, Obama’s highlights why he nominated Mary Jo White to lead the Securities and Exchange Commission and re-nominated Richard Cordray to continue leading the Consumer Financial Protection Bureau.
“Mary Jo White has decades of experience cracking down on white-collar criminals and bringing mobsters and terrorists to justice,” the president says. “At the SEC, she will help complete the task of reforming Wall Street and keep going after irresponsible behavior in the financial industry so that taxpayers don’t pay the price.”
Calling Cordray a “champion for American consumers,” the president says, has “helped protect Americans from predatory lenders, launched a ‘Know Before You Owe’ campaign to help families make smart decisions about paying for college, and cracked down on credit card companies that charge hidden fees.”
Obama touts his Wall Street reforms but says, “it’s not enough to change the law – we also need cops on the beat to enforce the law.”
“As President, my top priority is simple: to do everything in my power to fight for middle-class families and give every American the tools they need to reach the middle class,” Obama says.
“That means bringing in people like Mary Jo and Richard whose job it is to stand up for you,” he says.
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