Posts Tagged ‘Congress



12
Jul
10

Oil spill hopes raise with BP’s latest effort to fix it

NEWS
Oil spill hopes raise with BP’s latest effort to fix it

Monday, July 12, 2010

Earth••• BP reported good progress on its high-stakes effort to fully contain the Gulf of Mexico oil leak by fixing a tighter cap over the giant gusher.

Operations have reached a critical phase as engineers race to take advantage of a stretch of fine weather in the midst of the Atlantic hurricane season to install a new system with the potential to capture all the leaking crude.

Expected to take between four and seven days, the round-the-clock work began at midday on Saturday when the old, less efficient cap was ripped off a fractured pipe 1.6km down on the sea floor by robotic submarines.

‘We are pleased with our progress,’ BP Vice President Kent Wells told journalists almost 24 hours in. ‘We have carefully planned and practised this whole procedure. We’ve tried to work out as many of the bugs as we can.’

Sunday’s operations saw a transition spool being lowered into place which must be bolted onto the leaking pipe before a gigantic funnel – weighing 68 tonnes and dubbed the ‘Top Hat 10’ – can be installed.

The old ‘Top Hat’ system collected roughly 25,000 barrels of crude every day, but estimates suggest that could be less than half the leak.

BP says the new cap and the deployment of a third containment ship called the Helix Producer will raise the system’s capacity to between 60,000 and 80,000 barrels a day, enough to capture all the leaking oil.

The new system has also been designed so it can be disconnected and reconnected more easily in the case of a hurricane and has a built-in device that should give the first precise estimate of the overall flow.
No permanent solution is expected until mid-August at the earliest when the first of two relief wells is due to be completed – allowing drilling fluids to be injected into the well, which would then be sealed with cement.

The decision to remove the old cap and allow most of the oil to pour unchecked into the sea was approved by Admiral Thad Allen, the former Coast Guard chief leading the US government’s response to the disaster.

Although the removal of the cap forced the suspension of the main containment operation, a separate siphoning system is taking a smaller proportion of the oil to be flared off on a surface vessel.

Wells said two more ships would join a fleet of 46 skimming vessels scooping up oil off the sea and said 15 controlled burns of the surface crude had been carried out on Saturday.

Oil has washed up on beaches in all five Gulf states – Texas, Louisiana, Mississippi, Alabama and Florida – forcing fishing grounds to be closed and threatening scores of coastal communities with financial ruin.

The man charged with doling out compensation to victims of the spill said he could not estimate whether the initial $20 billion fund set up by BP would be enough to pay compensation claims.

‘If they are eligible, we will give them up to six months emergency (compensation),’ Kenneth Feinberg told CNN, adding: ‘I can’t help people if they don’t file.’

Many fishermen and others who work in the Gulf get paid in cash and do not have paperwork to back up their claims. Some are also worried that if they ask for compensation, the government will seek taxes for previous income.
While the containment effort and the claims process continued apace, the attorney general said the Justice Department was also still considering whether to bring criminal charges against the culprit or culprits.

‘The investigation is ongoing. We are in the process of accumulating documents, talking to witnesses on both the criminal side and the civil side,’ Eric Holder told CBS’s Face the Nation program.

Holder was quick to stress that when he announced the probe on June 1, he had been careful not to mention BP by name as it was not the only party involved with the Deepwater Horizon rig.

At congressional hearings back in May, BP, rig owner Transocean and oil services provider Halliburton blamed each other for the spill as executives from all three oil titans were grilled by U.S. lawmakers.

The man charged with doling out BP’s compensation to victims of the Gulf oil spill said on Sunday he is prepared to pay up to six months of expenses in advance, but getting people to file claims is a struggle.

Kenneth Feinberg told CNN he wanted to provide ‘some degree of financial certainty’, to people who have found their livelihoods hurt by the massive oil spill. ‘If they are eligible, we will give them up to six months emergency (compensation).’

But, he lamented, ‘I can’t help people if they don’t file.’

Many of the fishermen and others who work in the Gulf region regularly get paid in cash and do not have paperwork to back up their claims of lost income. They are also worried that if they ask for compensation, the government will seek taxes for previous income.

The BP-leased rig exploded on April 20 killing 11 workers. It sank two days later, unleashing the nation’s worst ever environmental disaster.
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10
Jul
10

Weekly Address: Help for Vets with PTSD

NEWS
Weekly Address: Help for Vets with PTSD
President Obama Announces Changes to Help Veterans with PTSD Receive the Benefits They Need

Saturday, July 10, 2010

In this week’s address, President Barack Obama announced that on Monday the Department of Veterans Affairs, led by Secretary Shinseki, will begin to make it easier for veterans with Post Traumatic Stress Disorder to receive the benefits they need. For many years, veterans with PTSD have been stymied in receiving benefits by requirements they produce evidence proving a specific event caused the PTSD. Streamlining this process will help not just the veterans of the Afghanistan and Iraq Wars, but generations of veterans who have served and sacrificed for the country.

Last weekend, on the Fourth of July, Michelle and I welcomed some of our extraordinary military men and women and their families to the White House.

They were just like the thousands of active duty personnel and veterans I’ve met across this country and around the globe. Proud. Strong. Determined. Men and women with the courage to answer their country’s call, and the character to serve the United States of America.

Because of that service; because of the honor and heroism of our troops around the world; our people are safer, our nation is more secure, and we are poised to end our combat mission in Iraq by the end of August, completing a drawdown of more than 90,000 troops since last January.

Still, we are a nation at war. For the better part of a decade, our men and women in uniform have endured tour after tour in distant and dangerous places. Many have risked their lives. Many have given their lives. And as a grateful nation, humbled by their service, we can never honor these American heroes or their families enough.

Just as we have a solemn responsibility to train and equip our troops before we send them into harm’s way, we have a solemn responsibility to provide our veterans and wounded warriors with the care and benefits they’ve earned when they come home.

That is our sacred trust with all who serve – and it doesn’t end when their tour of duty does.

To keep that trust, we’re building a 21st century VA, increasing its budget, and ensuring the steady stream of funding it needs to support medical care for our veterans.

To help our veterans and their families pursue a college education, we’re funding and implementing the post-9/11 GI Bill.

To deliver better care in more places, we’re expanding and increasing VA health care, building new wounded warrior facilities, and adapting care to better meet the needs of female veterans.

To stand with those who sacrifice, we’ve dedicated new support for wounded warriors and the caregivers who put their lives on hold for a loved one’s long recovery.

And to do right by our vets, we’re working to prevent and end veteran homelessness – because in the United States of America, no one who served in our uniform should sleep on our streets.

We also know that for many of today’s troops and their families, the war doesn’t end when they come home.

Too many suffer from the signature injuries of today’s wars: Post-Traumatic Stress Disorder and Traumatic Brain Injury. And too few receive the screening and treatment they need.

Now, in past wars, this wasn’t something America always talked about. And as a result, our troops and their families often felt stigmatized or embarrassed when it came to seeking help.

Today, we’ve made it clear up and down the chain of command that folks should seek help if they need it. In fact, we’ve expanded mental health counseling and services for our vets.

But for years, many veterans with PTSD who have tried to seek benefits – veterans of today’s wars and earlier wars – have often found themselves stymied. They’ve been required to produce evidence proving that a specific event caused their PTSD. And that practice has kept the vast majority of those with PTSD who served in non-combat roles, but who still waged war, from getting the care they need.

Well, I don’t think our troops on the battlefield should have to take notes to keep for a claims application. And I’ve met enough veterans to know that you don’t have to engage in a firefight to endure the trauma of war.

So we’re changing the way things are done.

On Monday, the Department of Veterans Affairs, led by Secretary Ric Shinseki, will begin making it easier for a veteran with PTSD to get the benefits he or she needs.

This is a long-overdue step that will help veterans not just of the Afghanistan and Iraq Wars, but generations of their brave predecessors who proudly served and sacrificed in all our wars.

It’s a step that proves America will always be here for our veterans, just as they’ve been there for us. We won’t let them down. We take care of our own. And as long as I’m Commander-in-Chief, that’s what we’re going to keep doing. Thank you.

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07
Jul
10

Oil comes ashore in Texas as BP dismisses money fears

NEWS
Oil comes ashore in Texas as BP dismisses money fears

Wednesday, July 7, 2010

Earth••• Clean-up efforts in the Gulf of Mexico oil spill extended Tuesday to Texas and Lake Pontchartrain, Louisiana, as BP dismissed reports of deeper financial woes.

Officials said crews collected tar balls and waste from Lake Pontchartrain, the vast estuary near New Orleans, as rough weather continued to hamper the containment and skimming effort near the spill site in the Gulf.

U.S. Coast Guard Admiral Thad Allen said the huge spill was now threatening all the states along the Gulf coast from Florida to Texas and that rough seas since the passage of Hurricane Alex had hurt the effort.

The first Atlantic hurricane of the year passed through the Gulf of Mexico last week without too much alarm for the oil containment efforts, but Allen said two nearby storm systems were being closely watched.

‘We’re watching very, very closely the swells and waves that might be generated by this current storm system,’ he said.

‘Sometime in the seven to 10 days we’ll look for a window of opportunity to put the containment cap on at the same time we will go on and continue with the drilling of the relief well.’
A BP spokeswoman in London denied the firm was planning to sell new stock to a strategic investor to raise money, amid reports the British government is working on a crisis plan if the company is sunk by the disaster.

‘We are not issuing any new equity,’ she said. ‘We welcome new shareholders to come onto the shareholder register and we welcome existing shareholders who want to take a bigger amount of shares.’

The Times newspaper in London reported that officials at the Department of Business and the Treasury were already considering contingencies for BP’s potential collapse.

‘It is not clear how bad this will get, but the government needs to be prepared for any eventuality,’ an anonymous source said to be familiar with the talks was quoted as saying.

BP has forked out some $3.12 billion in spill-related costs and has promised to pay another $20 billion into an escrow fund to compensate Americans affected by the spill.

The BP-leased Deepwater Horizon rig sank on April 22, two days after an explosion that killed 11 workers, unleashing the worst environmental disaster in U.S. history.
On Sunday, tar balls from the spill arrived on beaches in Texas, more than 310 miles away, though it was unclear how the crude got there.

Tests showed they did come from the BP Deepwater Horizon well but scientists and officials were working to determine if they arrived in Texas by currents or via ships operating in the vicinity of the well head.

The tar balls in Lake Pontchartrain were also being tested.

Some 492 miles of Gulf Coast shoreline has been oiled, and fishing ground closures and tourist cancellations threaten financial ruin for residents who have reacted angrily to BP’s failure to cap the spill.

Up to 60,000 barrels of oil a day is believed to be leaking into the Gulf of Mexico, far outpacing the collection efforts of a system that is capturing around 25,000 barrels a day.

Officials hope to more than double that capacity to some 53,000 barrels a day by hooking up a third containment vessel, the Helix Producer, to the system that captures and siphons away the crude.

‘There is a partial hookup right now and they can sustain that unless they have really severe sea states,’ said Allen, the U.S. official coordinating the spill response.

‘We won’t know for several hours whether they’re able to do it. It currently is a work in progress.’
Officials were also testing a mega-tanker, A Whale, which could boost efforts to skim spilled crude from the sea surface.

The ship is believed to be able to suck up to 500,000 barrels of oily water a day through its ‘jaws’, a series of vents on the side of the ship.

By comparison, more than 500 smaller vessels in 10 weeks have only managed to collect some 31.3 million gallons of oil-water mix between them and high waves forced most of the boats to halt operations on Tuesday.

It will likely be mid-August at the earliest before the ruptured well is permanently capped by injecting mud and cement with the aid of relief wells.

The high end of the oil leak estimates means it has now surpassed the 1979 Ixtoc blowout, which took nine months to cap and dumped an estimated 3.3 million barrels into the Gulf of Mexico.

It is topped only by the deliberate release of six to eight million barrels of crude by Iraqi troops who destroyed tankers and oil terminals and set wells ablaze in Kuwait during the 1991 Gulf War.
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04
Jul
10

Rough seas halt U.S. spill clean-up as crews test mega-skimmer

NEWS
Rough seas halt U.S. spill clean-up as crews test mega-skimmer

Sunday, July 4, 2010

Earth••• Clean-up work resumed in some areas of the Gulf of Mexico oil spill, but heavy swells kept many boats docked, halting efforts to fight the ecological disaster.

A Taiwanese mega-skimmer dubbed the ‘A Whale’ was in position near the site of the leak and set to undergo 48 hours of ‘proof of concept’ testing, Coast Guard spokeswoman Ayla Kelley said.
The 903 feet long tanker can vacuum up 21 million gallons of oily water a day, separating oil from water and spitting the seawater back out.

Small skimming boats that have been patrolling the Gulf for the past 10 weeks have only collected 28.2 million gallons of oily water to date, and rough weather made seas off Louisiana too choppy for them to even go out on Saturday.

Coast Guard Petty Officer Kelly Parker at a Houma, Louisiana information centre said crews were resetting protective booms along fragile coastal areas, but skimming and controlled burns of spilled crude had been halted.

However, around the Chandeleur Islands, a chain of uninhabited barrier islands and wildlife refuge at Louisiana’s easternmost point, boom and skimming operations resumed on Friday, said a representative of Admiral Thad Allen, the top official overseeing the spill response.

‘These are the most environmentally sensitive areas. The good news is that we saw only light oil and there were hundreds of boats working in the area resetting boom and skimming,’ rear admiral Paul Zunkunft told reporters after he flew over the islands.

‘The areas are critical to defend because they are home to turtles, shrimp and other wildlife,’ Zukunft said.
Despite containment efforts, he warned: ‘We are not out of the woods yet.’

An estimated 35,000 to 60,000 barrels of oil per day has gushed from the ruptured well since the BP-leased Deepwater Horizon drilling rig sank on April 22, some 50 miles off the coast of Louisiana.

A containment system has captured about 557,000 barrels of oil, but rough seas delayed the deployment of a third vessel that could boost capacity from 25,000 barrels to 53,000 barrels a day.

That means an estimated 1.9 to 3.6 million barrels – or 79.5 to 153 million gallons – of oil has now gushed into the Gulf.

Using the high end of that estimate, the spill has now surpassed the 1979 Ixtoc blowout, which took nine months to cap and dumped an estimated 3.3 million barrels (140,000 million gallons) into the Gulf of Mexico.

It is topped only by the deliberate release of six to eight million barrels of crude by Iraqi troops who destroyed tankers and oil terminals and set wells ablaze in Kuwait during the 1991 Gulf War.
And it will likely be mid-August at the earliest before the Gulf well is permanently capped by injecting mud and cement with the aid of relief wells.
Skimmers had been collecting about 12,000 barrels of oil a day before they were sent back to port after Hurricane Alex whipped up waves earlier this week, while about 8,000 barrels of oil was being burned off the surface.
But the spill has so far oiled at least 450 miles of U.S. shorelines, 74 days into the worst environmental disaster in U.S. history.

Admiral Allen said he hoped to have the third containment vessel, the Helix Producer, in place by Wednesday.

Once the Producer is working, officials will also have a better sense of just how much crude is leaking, ‘just by the visual evidence of how much oil is actually coming out around that cap’, Allen said.

They will then have to decide if the existing system should stay in place, or if it would be best to undergo a risky procedure to replace the cap with another system capable of capturing up to 80,000 barrels of oil a day.

‘The decision window associated with that would be sometime in the next, I would say, seven to 10 days,’ Allen said in a conference call on Friday.

In addition to boosting capacity, the new system would also greatly reduce the amount of time oil could gush freely into the sea if crews had to evacuate due to a bad storm.

Meanwhile, Environmental Protection Agency chief Lisa Jackson was headed to Pensacola, Florida to oversee coastal clean-up operations in the state, where tourist draws Miami and the Florida Keys face the likelihood of fouled beaches.
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03
Jul
10

Weekly Address: A Solar Recovery

NEWS
Weekly Address: A Solar Recovery
President Obama Touts Nearly $2 Billion in New Investments to Help Build a Clean Energy Economy

Saturday, July 3, 2010

In this week’s address, President Barack Obama announced that the Department of Energy is awarding nearly $2 billion in conditional commitments from the Recovery Act to two solar companies. Abengoa Solar has agreed to build one of the largest solar plants in the world in Arizona, which will create about 1,600 construction jobs with over 70 percent of the construction components and products manufactured here in the USA. When completed, this plant will provide enough clean energy to power 70,000 homes. And, Abound Solar Manufacturing is building two new plants, one in Colorado and one in Indiana. These projects will create more than 2,000 construction jobs, and over 1,500 permanent jobs as the plants produce millions of state of the art solar panels each year.

This week, I spent some time in Racine, Wisconsin, talking with folks who are doing their best to cope with the aftermath of a brutal recession.

And while I was there, a young woman asked me a question I hear all the time: “What are we doing as a nation to bring jobs back to this country?”

Well, on Friday, we learned that after 22 straight months of job loss, our economy has now created jobs in the private sector for 6 months in a row. That’s a positive sign. But the truth is, the recession from which we’re emerging has left us in a hole that’s about 8 million jobs deep. And as I’ve said from the day I took office, it’s going to take months, even years, to dig our way out – and it’s going to require an all-hands-on-deck effort.

In the short term, we’re fighting to speed up this recovery and keep the economy growing by all means possible. That means extending unemployment insurance for workers who lost their job. That means getting small businesses the loans they need to keep their doors open and hire new workers. And that means sending relief to states so they don’t have to lay off thousands of teachers and firefighters and police officers.

Still, at a time when millions of Americans feel a deep sense of urgency in their own lives, Republican leaders in Washington just don’t get it. While a majority of Senators support taking these steps to help the American people, some are playing the same old Washington games and using their power to hold this relief hostage – a move that only ends up holding back our recovery. It doesn’t make sense.

But I promised those folks in Wisconsin – and I promise all of you – that we won’t back down. We’re going to keep fighting to advance our recovery. And we’re going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America.

That’s one of the reasons why we’re accelerating the transition to a clean energy economy and doubling our use of renewable energy sources like wind and solar power – steps that have the potential to create whole new industries and hundreds of thousands of new jobs in America.

In fact, today, I’m announcing that the Department of Energy is awarding nearly $2 billion in conditional commitments to two solar companies.

The first is Abengoa Solar, a company that has agreed to build one of the largest solar plants in the world right here in the United States. After years of watching companies build things and create jobs overseas, it’s good news that we’ve attracted a company to our shores to build a plant and create jobs right here in America. In the short term, construction will create approximately 1,600 jobs in Arizona. What’s more, over 70 percent of the components and products used in construction will be manufactured in the USA, boosting jobs and communities in states up and down the supply chain. Once completed, this plant will be the first large-scale solar plant in the U.S. to actually store the energy it generates for later use – even at night. And it will generate enough clean, renewable energy to power 70,000 homes.

The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory. When fully operational, these plants will produce millions of state-of-the-art solar panels each year.

These are just two of the many clean energy investments in the Recovery Act. Already, I’ve seen the payoff from these investments. I’ve seen once-shuttered factories humming with new workers who are building solar panels and wind turbines; rolling up their sleeves to help America win the race for the clean energy economy.

So that’s some of what we’re doing. But the truth is, steps like these won’t replace all the jobs we’ve lost overnight. I know folks are struggling. I know this Fourth of July weekend finds many Americans wishing things were a bit easier right now. I do too.

But what this weekend reminds us, more than any other, is that we are a nation that has always risen to the challenges before it. We are a nation that, 234 years ago, declared our independence from one of the greatest empires the world had ever known. We are a nation that mustered a sense of common purpose to overcome Depression and fear itself. We are a nation that embraced a call to greatness and saved the world from tyranny. That is who we are – a nation that turns times of trial into times of triumph – and I know America will write our own destiny once more.

I wish every American a safe and happy Fourth of July. And to all our troops serving in harm’s way, I want you to know you have the support of a grateful nation and a proud Commander-in-Chief. Thank you, God Bless You, and God Bless the United States of America.

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30
Jun
10

Obama slams Republicans over BP ‘apology’ and economy

NEWS
Obama slams Republicans over BP ‘apology’ and economy

Wednesday, June 30, 2010

••• U.S. President Barack Obama lampooned Republicans over the Gulf of Mexico oil spill on Wednesday, seeking to turn a disaster that has been a political liability for him into a political weapon.

Obama cited a gaffe by a leading Republican politician who said the US government’s hardline tactics were a ‘tragedy’ for BP, to lambast the opposition party as the pace heats up ahead of November’s mid-term elections.

He said some Republicans opposed raising the legal cap on liabilities BP must pay to clean-up America’s worst environmental disaster and a $20 billion BP escrow compensation fund for businesses victimised by it.

‘The top Republican on the energy committee even had the nerve to apologise to BP for the fact that we made them set up this fund,’ Obama said in remarks released by the White House prior to a presidential event in Wisconsin.

‘Apologise to BP! He actually called the fund a tragedy. A tragedy? A tragedy is what the people of the Gulf are going through right now.

‘That’s the tragedy. And our government has a responsibility to hold the corporations accountable that caused it. They want to take us backwards. We want to move forward.’

Democrats are mercilessly using comments by Republican Representative Joe Barton, who offered them a golden opening by apologising to BP for the escrow fund, which he called a $20 billion White House ‘shakedown’ of BP.

Barton has retracted the remarks, and his party leaders have condemned them, but the comments are bound to be seized upon often by Democrats in the run-up to November’s congressional polls, in which the party fears heavy losses.
Obama’s switch to full bore politicking mode over the oil spill reflects the way both political parties will try to use the disaster for political advantage. Republicans have accused Obama of being too passive in the crisis.

Recent polling give the president poor to moderate ratings on how he has handled the oil spill, though his management of the crisis is much preferred by Americans to the performance over BP during the disaster.

Forty-four per cent of those asked in a Gallup poll this month approved of Obama’s efforts, while 48 per cent disapproved.

BP and other oil firms are currently bound under U.S. law to pay all related clean-up costs from a spill, but the limit on liability for compensation and other claims is set at $75 million.

Democratic efforts to raise the cap took another step forward on Wednesday as the Senate Environment and Public Works committee approved a bill retroactively removing the cap for BP.

The bill now heads to the full chamber for debate.

‘As we see the images and read the stories from the Gulf Coast night after night, it could not be clearer that coastal families and taxpayers are the ones who need protection, not oil companies,’ the bill’s sponsor Robert Menendez said.
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26
Jun
10

Weekly Address: Finishing the Job on Wall Street Reform

NEWS
Weekly Address: Finishing the Job on Wall Street Reform
President Obama Urges Congress to Complete Work on Wall Street Reform Bill

Saturday, June 26, 2010

In this week’s address, President Barack Obama asks Congress to pass historic Wall Street reform which will make the toughest financial reforms since the Great Depression the law of the land. The Wall Street reform bill, which reflects 90 percent of what the President originally proposed, includes the strongest consumer financial protections in history with an independent agency to enforce them. It ensures that the trading of derivatives, which helped trigger the crisis, will be brought into the light of day, and enacts the “Volcker Rule,” which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades. And, this bill will create a resolution authority to wind down firms whose collapse would threaten the entire financial system. Wall Street reform will end taxpayer funded bailouts and make sure Main Street is never again held responsible for Wall Street’s mistakes.

This weekend, I’m traveling to Toronto to meet with members of the G20. There, I hope we can build on the progress we made at last year’s G20 summits by coordinating our global financial reform efforts to make sure a crisis like the one from which we are still recovering never happens again. We’ve made great progress toward passing such reform here at home. As I speak, we are on the cusp of enacting the toughest financial reforms since the Great Depression.

I don’t have to tell you why these reforms are so important. We’re still digging ourselves out of an economic crisis that happened largely because there wasn’t strong enough oversight on Wall Street. We can’t build a strong economy in America over the long-run without ending this status quo, and laying a new foundation for growth and prosperity.

That’s what the Wall Street reforms currently making their way through Congress will help us do – reforms that represent 90% of what I proposed when I took up this fight. We’ll put in place the strongest consumer financial protections in American history, and create an independent agency with an independent director and an independent budget to enforce them.

Credit card companies will no longer be able to mislead you with pages and pages of fine print. You will no longer be subject to all kinds of hidden fees and penalties, or the predatory practices of unscrupulous lenders.

Instead, we’ll make sure credit card companies and mortgage companies play by the rules. And you’ll be empowered with easy-to-understand forms, and the clear and concise information you need to make the financial decisions that are best for you and your family.

Wall Street reform will also strengthen our economy in a number of other ways. We’ll make our financial system more transparent by bringing the kinds of complex trades that helped trigger this crisis – trades in a $600 trillion derivatives market – finally into the light of day.

We’ll enact what’s called the Volcker Rule to make sure banks protected by a safety net like the FDIC can’t engage in risky trades for their own profit. We’ll create what’s called a resolution authority to help wind down firms whose collapse would threaten our entire financial system. Put simply, we’ll end the days of taxpayer-funded bailouts, and help make sure Main Street is never again held responsible for Wall Street’s mistakes.

Beyond these reforms, we also need to address another piece of unfinished business. We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis – so we can recover every dime of taxpayer money.

Getting this far on Wall Street reform hasn’t been easy. There are those who’ve fought tooth and nail to preserve the status quo. In recent months, they’ve spent millions of dollars and hired an army of lobbyists to stop reform dead in its tracks.

But because we refused to back down, and kept fighting, we now stand on the verge of victory. And I urge Congress to take us over the finish line, and send me a reform bill I can sign into law, so we can empower our people with consumer protections, and help prevent a financial crisis like this from ever happening again.

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• Source(s): The White House
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