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Obama Urges US Senate to Pass Financial Reform
Date: 5/15/2010 7:31:39 AM Sender: Voice of America
Obama Urges US Senate to Pass Financial Reform


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President Barack Obama speaks during a DCCC fundraiser in New York City, 13 May 2010



U.S. President Barack Obama is urging the Senate to pass financial reform legislation as soon as possible.

In his weekly address Saturday, he characterized the bill as representing "the strongest consumer financial protections in history."

Mr. Obama says the legislation will stop predatory business practices and make sure both large and small banks are subject to tough oversight.

The U.S. president also says the financial reform bill will prevent banks from taking on so much risk they could collapse and threaten the whole economy.

In the Republican weekly address, Congressman Chris Lee urged Mr. Obama to, in Lee＇s words, "really listen" to what Americans are saying about the economy.

Lee represents the northern city of Buffalo, which Mr. Obama visited Thursday.  Lee criticized Democrats＇ efforts to reduce unemployment, and touted several Republican proposals to cut government spending.

The Senate has been debating a complicated reform bill aimed at protecting consumers from abusive financial practices and ending government bailouts of troubled sectors of the U.S. economy.

The House of Representatives passed its own version of financial reform in December.  If the Senate passes its bill, both versions must be formed into one bill and voted on again before Mr. Obama can sign financial reform into law.

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