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Obama Stresses Financial Reforms

NEW YORK CITY-Speaking at Federal Hall here Monday afternoon, the president warned that 'the old ways that led to this crisis cannot stand.'

By Paul Bubny | Updated on September 14, 2009

NEW YORK CITY-A year after the collapse of Lehman Brothers symbolized the upheaval in the financial services sector, President Barack Obama told a Wall Street audience that regulatory reforms are necessary to prevent another meltdown. Obama offered no new policy proposals in his speech at Federal Hall on Monday afternoon, but warned that “the old ways that led to this crisis cannot stand… Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall.”

Touting what he called “the most ambitious overhaul of the financial system since the Great Depression,” Obama said the reforms were intended to provide “clear rules of the road that promote transparency and accountability.” He called on the financial industry to “join us in a constructive effort” to update the rules and regulatory structure.

“I certainly did not run for President to bail out banks or intervene in the capital markets,” Obama told an audience that included commercial real estate executives as well as financial services leaders and political figures. “But it is important to note that the very absence of common-sense regulations able to keep up with a fast-paced financial sector is what created the need for that extraordinary intervention.”

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