President calls for Wall Street reform on anniversary of financial meltdown - Spokane, North Idaho News & Weather KHQ.com

President calls for Wall Street reform on anniversary of financial meltdown

Posted: Updated:
WASHINGTON. - A year after Lehman Brothers collapsed and started the tsunami that crashed over the U.S. economy, President Obama is pushing for tougher financial regulation on Wall Street.

"I want everybody here to hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis," he said during a much heralded speech on Monday.

The president wants Congress to get stalled financial legislation moving again, but mostly he wants to remind the nation where we've been in the last year.

"Although I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break," he said.

The president wants to begin winding down the government's involvement in the financial sector, while leaving behind a tougher regulatory firewall with the Federal Reserve taking on broad new powers.

The plan would also create a new consumer protection agency.

"I think it actually has more political than economic significance," says economist Greg Ip. "A lot of the powers that this agency would have are already resident in the existing regulators that we have."

Meanwhile, a new Associated Press poll shows seven in ten Americans fear the government hasn't taken the steps to prevent another meltdown.
  • Most Popular StoriesMost Popular StoriesMore>>

  • Seahawks legend Cortez Kennedy dies at 48

    Tuesday, May 23 2017 1:20 PM EDT2017-05-23 17:20:37 GMT

    KHQ.COM - Seattle Seahawks legend and NFL Hall of Famer, Cortez Kennedy, is dead at the age of 48. TMZ Sports says they confirmed the news with the Orlando Police Department who say "there is nothing suspicious" about his death. The cause of his death is still unknown. Cortez played his entire eleven-season career with the Seattle Seahawks from 1990 - 2001.

    >>

    KHQ.COM - Seattle Seahawks legend and NFL Hall of Famer, Cortez Kennedy, is dead at the age of 48. TMZ Sports says they confirmed the news with the Orlando Police Department who say "there is nothing suspicious" about his death. The cause of his death is still unknown. Cortez played his entire eleven-season career with the Seattle Seahawks from 1990 - 2001.

    >>
  • Spokane Police say missing 10-year-old boy found safe

    Spokane Police say missing 10-year-old boy found safe

    Tuesday, May 23 2017 1:18 PM EDT2017-05-23 17:18:54 GMT

    SPOKANE, Wash. - Update: Spokane Police say 10-year-old Jeremy Clough has been found and is safe as of 11:18 p.m. Monday night. 

    >>

    SPOKANE, Wash. - Update: Spokane Police say 10-year-old Jeremy Clough has been found and is safe as of 11:18 p.m. Monday night. 

    >>
  • Suspect arrested in connection with deadly Manchester bombing

    Suspect arrested in connection with deadly Manchester bombing

    Tuesday, May 23 2017 11:54 AM EDT2017-05-23 15:54:46 GMT

    MANCHESTER, England (AP) - Greater Manchester Police say they have arrested a 23-year-old man in connection with the apparent suicide bombing at an Ariana Grande concert in the city. Police say the man was arrested in south Manchester Tuesday, a day after the explosion killed 22 people and injured 59, many of them teenagers. They did not provide details.

    >>

    MANCHESTER, England (AP) - Greater Manchester Police say they have arrested a 23-year-old man in connection with the apparent suicide bombing at an Ariana Grande concert in the city. Police say the man was arrested in south Manchester Tuesday, a day after the explosion killed 22 people and injured 59, many of them teenagers. They did not provide details.

    >>
HD DOPPLER 6i
/