Posts Tagged ‘Reform

07
Aug
10

Weekly Address: Medicare Officially Safer After Health Reform

NEWS
Weekly Address: Medicare Officially Safer After Health Reform
President Obama Highlights Benefits to Seniors Under the Patient Protection and Affordable Care Act

Saturday, August 07, 2010

In his weekly address this week, President Obama highlighted a Medicare Trustees report noting the steps we took this year to reform the health care system have put Medicare on a sounder financial footing, which will help to preserve Medicare for generations to come. Additionally, America’s seniors are already seeing more benefits as a result of health reform, including a rebate to cover the cost of their prescriptions if they fall into the Medicare Part D drug coverage gap. In the coming years, as we continue to ramp up reform, we expect seniors to save in premiums and out of pocket costs. And the President will continue to make Medicare stronger to ensure our seniors have access to affordable and quality healthcare.

Forty-five years ago, we made a solemn compact as a nation that senior citizens would not go without the health care they need. This is the promise we made when Medicare was born. And it’s the responsibility of each generation to keep that promise.

That’s why a report issued this week by the Trustees who oversee Medicare was such good news. According to this report, the steps we took this year to reform the health care system have put Medicare on a sounder financial footing. Reform has actually added at least a dozen years to the solvency of Medicare – the single longest extension in history – while helping to preserve Medicare for generations to come.

We’ve made Medicare more solvent by going after waste, fraud, and abuse – not by changing seniors’ guaranteed benefits. In fact, seniors are starting to see that because of health reform, their benefits are getting better all the time.

Seniors who fall into the “doughnut hole” – the gap in Medicare Part D drug coverage – are eligible right now for a $250 rebate to help cover the cost of their prescriptions. Now, I know for people facing drug costs far higher than that, they need more help. That’s why we negotiated a better deal with the pharmaceutical companies for seniors. So starting next year, if you fall in the doughnut hole, you’ll get a 50-percent discount on the brand-name medicine you need. And in the coming years, this law will close the doughnut hole completely once and for all.

Already, we have put insurance companies on notice that we have the authority to review and reject unreasonable rate increases for Medicare Advantage plans. And we’ve made it clear to the insurers that we won’t hesitate to use this authority to protect seniors.

Beginning next year, preventive care – including annual physicals, wellness exams, and tests like mammograms – will be free for seniors as well. That will make it easier for folks to stay healthy. But it will also mean that doctors can catch things earlier, so treatment may be less invasive and less expensive.

And as reform ramps up in the coming years, we expect seniors to save an average of $200 per year in premiums and more than $200 each year in out of pocket costs, too.

This is possible in part through reforms that target waste and abuse and redirect those resources to where they’re supposed to go: our seniors. We’re already on track to cut improper payments in half – including money that goes to criminals who steal taxpayer dollars by setting up insurance scams and other frauds. And we won’t stop there. Because by preventing the loss of these tax dollars, we can both address the runaway costs of Medicare and improve the quality of care seniors receive – and we can crack down on those who prey on seniors and take advantage of people.

So we are no longer accepting business as usual. We’re making tough decisions to meet the challenges of our time. And as a result, Medicare is stronger and more secure. That’s important. Because Medicare isn’t just a program. It’s a commitment to America’s seniors – that after working your whole life, you’ve earned the security of quality health care you can afford. As long as I am President, that’s a commitment this country is going to keep.
Thank you.

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• Source(s): The White House
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21
Jul
10

Obama signs historic finance reform bill

NEWS
Obama signs historic finance reform bill
Historic financial overhaul signed to law by Obama

Wednesday, July 21, 2010

President Barack Obama on Wednesday signed into law the most sweeping reform of the U.S. finance industry since the 1930s, promising U.S. taxpayers would no longer get the bill for Wall Street excess.

The legislation, which some Republicans have pledged to repeal, introduces new consumer protections, checks the power of big banks and cracks down on deceptive practices by credit card firms.

“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax-funded bailouts,” Obama promised.

Seeking to restore public confidence in his economic leadership as unemployment flirts with double digits, Obama said the bill would repair the fractures and abuses of which the financial meltdown was born.

“It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington,” said Obama, before adding the legacy-boosting law to his huge health care reform passed earlier this year.

“These reforms represent the strongest consumer financial protections in history,” Obama said, before signing the new law, passed by Congress last week.

“These protections will be enforced by a new consumer watchdog with just one job: looking out for people – not big banks, not lenders, not investment houses.”

The financial reform bill finally squeezed through Congress with just a handful of Republican votes, as the opposition party continued with its policy of trying to block Obama’s ambitious reform program at all costs.

Republican leaders on Wednesday condemned the new law, saying it would crimp growth, and handcuff the might of America’s financial titans.

Republican National Committee chairman Michael Steele accused Obama of trying to convince “sceptical Americans that he is doing everything he can to lower unemployment.”

“President Obama has signed into law a 2300 page behemoth that will saddle the business community with innumerable unintended consequences, tighter credit, and countless job-killing regulations,” Steele said.

Obama, facing record low approval ratings in some polls, hopes the financial reforms will eventually become popular, but much of the bill, like the health care bill, is so complicated that it will not come into force for months.

For instance, it will be up to a year before a new Consumer Financial Protection Bureau is set up to protect American consumers from hidden fees and deceptive lending practices when they get a new mortgage or credit card.

It could be 18 months before new regulations emerge to stop banks from engaging in impermissible proprietary trading and investment in hedge funds – under the Volcker rule, named after former Federal Reserve chief Paul Volcker.

In a bid to highlight the help the bill will grant to the middle classes, Obama was joined at the signing ceremony by several Americans who suffered unfair treatment at the hands of credit card firms and banks.

The legislation closes loopholes in regulations and requires greater transparency and accountability for hedge funds, mortgage brokers and payday lenders, as well as arcane financial instruments called derivatives.

The measure has drawn praise but also skepticism from economists and analysts.

The bill “addresses a number of key weaknesses in the U.S. financial regulatory structure that led to the financial meltdown in 2008 and early 2009,” said Brian Bethune at IHS Global Insight.

But Diane Swonk at Mesirow Financial warned that much of the impact is not known.

“We will have more regulators overseeing – but not necessarily averting – risk, and with a bill so large and undefined, we are likely to get more, in terms of unintended than intended consequences, going forward,” she said.

The law is likely to generate heated debate ahead of congressional elections in November as Republicans call for its reversal.

House Republican leader John Boehner said recently the law “ought to be repealed” and replaced with “common-sense things that we should do to plug the holes in the regulatory system.”
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• Source(s): The White House
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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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15
May
10

Weekly Address: Wall Street Reform & Main Street

NEWS
Weekly Address: Wall Street Reform & Main Street

President Obama “Wall Street Reform Will Bring Greater Security to Folks on Main Street”

Saturday, May 15, 2010

In his weekly address, President Barack Obama discussed how reforming Wall Street will strengthen Main Street. The reform bill moving through Congress will empower and protect American families with the strongest consumer financial protections in history, level the playing field for community banks by making sure all lenders are subject to tough oversight, and strengthen small businesses by curbing excessive risk taking on Wall Street, which will help protect credit for our small businesses. As the economy recovers in the short term, we need to build a new foundation for growth and prosperity for the long term. This bill helps to do just that.

On Thursday, I paid a visit to a small business in Buffalo, New York, a town that’s been hard hit in recent decades. I heard from folks about the struggles they’ve been facing for longer than they care to remember. And I talked with them about what my administration is doing to help our families, our small businesses, and our economy rebound from this recession.

Jumpstarting job creation in the private sector and fostering a climate that encourages businesses to hire again is vitally important – and I’ll continue working hard to make sure that happens. But my responsibility as President isn’t just to help our economy rebound from this recession – it’s to make sure an economic crisis like the one that helped trigger this recession never happens again.

That’s what Wall Street reform will help us do. In recent weeks, there’s been a lot of back and forth about the reform bill currently making its way through Congress. There’s been a lot of discussion about technical aspects of the bill, and a lot of heated – and frankly, sometimes misleading – rhetoric coming from opponents of reform.

All of this has helped obscure what reform would actually mean for you, the American people. So, I just wanted to take a few minutes to talk about why every American has a stake in Wall Street reform.

First and foremost, you have a stake in it if you’ve ever been treated unfairly by a credit card company, misled by pages and pages of fine print, or ended up paying fees and penalties you’d never heard of before. And you have a stake in it if you’ve ever tried to take out a home loan, a car loan, or a student loan, and been targeted by the predatory practices of unscrupulous lenders.

The Wall Street reform bill in Congress represents the strongest consumer financial protections in history. You’ll be empowered with the clear and concise information you need to make the choices that are best for you. We’ll help stop predatory practices, and curb unscrupulous lenders, helping secure your family’s financial future.

That’s why families have a stake in it. And our community banks also have a stake in reform. These are banks we count on to provide the capital that lets our small businesses hire and grow.

The way the system is currently set up, these banks are at a disadvantage because while they are often playing by the rules, many of their less scrupulous competitors are not. So, what reform will do is help level the playing field by making sure all our lenders – not just community banks – are subject to tough oversight. That’s good news for our community banks, which is why we’ve received letters from some of these banks in support of reform.

What’s true for our community banks is also true for small businessmen and women like the ones I met in Buffalo. These small businesses were some of the worst victims of the excessive risk-taking on Wall Street that led to this crisis. Their credit dried up. They had to let people go. Some even shut their doors altogether. And unless we put in place real safeguards, we could see it happen all over again.

That’s why Wall Street reform is so important. With reform, we’ll make our financial system more transparent by bringing the kinds of complex, backroom deals that helped trigger this crisis into the light of day. We’ll prevent banks from taking on so much risk that they could collapse and threaten our whole economy. And we’ll give shareholders more of a say on pay to help change the perverse incentives that encouraged reckless risk-taking in the first place. Put simply, Wall Street reform will bring greater security to folks on Main Street.

The stories I heard in Buffalo this week were a reminder that, despite the progress we’ve made, we need to keep working hard, so we can build on that progress and rebound from this recession in the short-term. But even as we do, we also need to lay a new foundation for growth and shared prosperity over the long-term.

Next week, we have a chance to help lay a cornerstone in that foundation. The reform bill being debated in the Senate will not solve every problem in our financial system – no bill could. But what this strong bill will do is important, and I urge the Senate to pass it as soon as possible, so we can secure America’s economic future in the 21st century.

• Source(s): The White House
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08
May
10

Weekly Address: Health Reform Starts to Kick In

NEWS
Weekly Address: Health Reform Starts to Kick In
President Obama Praises the Benefits and Successes of Health Reform Already in Effect

Saturday, May 8, 2010


In his weekly address, President Barack Obama highlighted the ways in which health reform is already holding insurance companies more accountable and giving consumers more control. Implementing everything in the new law will not happen overnight. But already, consumers are getting a break from unfair rate hikes and insurance companies will no longer drop coverage for people when the get sick. Four million small businesses have been notified that they could be eligible for a health care tax cut this year. Retirees will soon receive help if they fall into the prescription drug “donut hole.” And, young adults will be able to stay on their parents’ plan until they are 26 years old.

It has now been a little over a month since I signed health insurance reform into law. And while it will take some time to fully implement this law, reform is already delivering real benefits to millions of Americans. Already, we are seeing a health care system that holds insurance companies more accountable and gives consumers more control.

Two weeks ago, four million small business owners and organizations found a postcard in their mailbox informing them that they could be eligible for a health care tax cut this year – a tax cut potentially worth tens of thousands of dollars; a tax cut that will help millions provide coverage to their employees.

Starting in June, businesses will get even more relief for providing coverage to retirees who are not yet eligible for Medicare. And a little over a month from now, on June 15th, senior citizens who fall into the prescription drug coverage gap known as the “donut hole” will start receiving a $250 rebate to help them afford their medication.

Aside from providing real, tangible benefits to the American people, the new health care law has also begun to end the worst practices of insurance companies. For too long, we have been held hostage to an insurance industry that jacks up premiums and drops coverage as they please. But those days are finally coming to an end.

After our administration demanded that Anthem Blue Cross justify a 39% premium increase on Californians, the company admitted the error and backed off its plan. And this week, our Secretary of Health and Human Services, Kathleen Sebelius, wrote a letter to all states urging them to investigate other rate hikes and stop insurance companies from gaming the system. To help states achieve this goal, we’ve set up a new Office of Consumer Information and Insurance Oversight, and will provide grants to states with the best oversight programs.

In the next month, we’ll also be putting in place a new patients’ bill of rights. It will provide simple and clear information to consumers about their choices and their rights. It will set up an appeals process to enforce those rights. And it will prohibit insurance companies from limiting a patients’ access to their preferred primary care provider, ob-gyn, or emergency room care.

We’re holding insurance companies accountable in other ways, as well. As of September, the new health care law prohibits insurance companies from dropping people’s coverage when they get sick and need it most. But when we found out that an insurance company was systematically dropping the coverage of women diagnosed with breast cancer, my administration called on them to end this practice immediately. Two weeks ago, the entire insurance industry announced that it would comply with the new law early and stop the perverse practice of dropping people’s coverage when they get sick.

On Monday, we’ll also be announcing the new rule that allows young adults without insurance to stay on their parents’ plan until they’re 26 years old. Even though insurance companies have until September to comply with this rule, we’ve asked them to do so immediately to avoid coverage gaps for new college graduates and other young adults. This also makes good business sense for insurance companies, and we’re pleased that most have agreed. Now we need employers to do the same, and we’re willing to work with them to make this transition possible. These changes mean that starting this spring, when young adults graduate from college, many who do not have health care coverage will be able to stay on their parents’ insurance for a few more years. And you can check healthreform.gov to find a list of all the insurance carriers who have agreed to participate right away.

I’ve said before that implementing health insurance reform won’t happen overnight, and it will require some tweaks and changes along the way. Ultimately, we’ll have a system that provides more control for consumers, more accountability for insurance companies, and more affordable choices for uninsured Americans. But already, we are seeing how reform is improving the lives of millions of Americans. Already, we are watching small businesses learn that they will soon pay less for health care. We are seeing retirees realize they’ll be able to keep their coverage and seniors realize they’ll be able to afford their prescriptions. We’re seeing consumers get a break from unfair rate hikes, patients get the care they need when they need it, and young adults get the security of knowing they can start off life with one less cost to worry about. At long last, this is what health care reform is achieving. This is what change looks like. And this is the promise we will keep as we continue to make this law a reality in the months and years to come.

Thanks so much.

• Source(s): The White House
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01
May
10

Weekly Address: Giving Government Back to the American People

NEWS
Weekly Address: Giving Government Back to the American People

President Obama Calls on Congress to Enact Reforms to Stop a ‘Potential Corporate Takeover of Our Elections’

Saturday, May 1, 2010

In the wake of a recent Supreme Court ruling, which gives special interests, corporations – and potentially foreign nationals – the power to spend unlimited money to influence the outcome of elections, President Barack Obama called on Congress to enact reforms to limit this power and protect the integrity of our democracy. With these reforms, campaign committees will have to reveal who is funding them, and their leaders or financers will have to claim responsibility for their ads. Also, the reforms will restrict foreign corporations and foreign nationals from spending money in American elections. These reforms will help ensure the government works for the American people, not the special interests.

Over the past few weeks, as we’ve debated reforms to hold Wall Street accountable and protect consumers and small businesses in our financial system, we’ve come face-to-face with the great power of special interests in the workings of our democracy. Of course, this isn’t a surprise. Every time a major issue arises, we’ve come to expect that an army of lobbyists will descend on Capitol Hill in the hopes of tilting the laws in their favor.

That’s one of the reasons I ran for President: because I believe so strongly that the voices of ordinary Americans were being drowned out by the clamor of a privileged few in Washington. And that’s why, since the day I took office, my administration has been taking steps to reform the system. Recently, however, the Supreme Court issued a decision that overturned decades of law and precedent – dealing a huge blow to our efforts to rein in this undue influence. In short, this decision gives corporations and other special interests the power to spend unlimited amounts of money – literally millions of dollars – to affect elections throughout our country. This, in turn, will multiply their influence over decision-making in our government.

In the starkest terms, members will know – when pressured by lobbyists – that if they dare to oppose that lobbyist’s client, they could face an onslaught of negative advertisements in the run up to their next election. And corporations will be allowed to run these ads without ever having to tell voters exactly who is paying for them. At a time when the American people are already being overpowered in Washington by these forces, this will be a new and even more powerful weapon that the special interests will wield.

In fact, it’s exactly this kind of vast power that led a great Republican President – Teddy Roosevelt – to tackle this issue a century ago. He warned of the dangers of limitless corporate spending in our political system. He actually called it “one of the principal sources of corruption in our political affairs.” And he proposed strict limits on corporate influence in elections. “Every special interest is entitled to justice,” he said. “but not one is entitled to a vote in Congress, to a voice on the bench, or to representation in any public office.”

In the wake of the recent Supreme Court ruling, we face a similar challenge. That’s why it’s so important that Congress consider new reforms to prevent corporations and other special interests from gaining even more clout in Washington. And almost all of these reforms are designed to bring new transparency to campaign spending. They are based on the principle espoused by former Supreme Court Justice Louis Brandeis – that sunlight is the best disinfectant.

Shadowy campaign committees would have to reveal who’s funding their activities to the American people. And when corporations and other special interests take to the airwaves, whoever is running and funding the ad would have to appear in the advertisement and claim responsibility for it – like a company’s CEO or an organization’s biggest contributor. This will mean citizens can evaluate the claims in these ads with information about an organization’s real motives.

We know how important this is. We’ve all seen groups with benign-seeming names sponsoring television commercials that make accusations and assertions designed to influence the public debate and sway voters’ minds. Now, of course every organization has every right in this country to make their voices heard. But the American people also have the right to know when some group like “Citizens for a Better Future” is actually funded entirely by “Corporations for Weaker Oversight.”

In addition, these reforms would address another troubling aspect of the Supreme Court’s ruling. Under the bill Congress will consider, we’ll make sure that foreign corporations and foreign nationals are restricted from spending money to influence American elections, just as they were in the past – even through U.S. subsidiaries. And we’d keep large contractors that receive taxpayer funds from interfering in our elections as well, to avoid the appearance of corruption and the possible misuse of tax dollars.

Now, we can expect that these proposed changes will be met with heavy resistance from the special interests and their supporters in Congress. But I’m calling on leaders in both parties to resist these pressures. For what we are facing is no less than a potential corporate takeover of our elections. And what is at stake is no less than the integrity of our democracy. This shouldn’t be a Democratic issue or a Republican issue. This is an issue that goes to whether or not we will have a government that works for ordinary Americans – a government of, by, and for the people. That’s why these reforms are so important. And that’s why I’m going to fight to see them passed into law.

Thanks so much.

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24
Apr
10

Weekly Address: Good News from the Auto Industry

NEWS
Weekly Address: Good News from the Auto Industry

President Obama Says Promising News From the Auto Industry Doesn’t Reduce Need for Wall Street Reform

Saturday, April 24, 2010

In his weekly address, President Obama said that while the government is ending many of emergency programs put in place to stabilize the financial sector and restart lending, Wall Street reform remains urgently needed. General Motors announced that it has repaid its loan to taxpayers with interest five years ahead of schedule, and Chrysler Financial has already fully repaid with interest its loan as well. While this is good news, it is also a reminder that the crisis in the auto industry was caused in part by problems in the financial sector. To help prevent another crisis, Congress needs to enact reforms to hold Wall Street accountable and protect consumers.

It was little more than one year ago that our country faced a potentially devastating crisis in our auto industry. Over the course of 2008, the industry shed 400,000 jobs. In the midst of a financial crisis and deep recession, both General Motors and Chrysler – two companies that for generations were a symbol of America’s manufacturing might – were on the brink of collapse. The rapid dissolution of these companies – followed by the certain failure of many auto parts makers, car dealers, and other smaller businesses – would have dealt a crippling blow to our already suffering economy. The best estimates are that more than one million American workers could have lost their jobs.

The previous administration extended temporary loans to both companies. Even so, when I took office, the situation remained dire. We had to determine whether or not we could justify additional taxpayer assistance. After all, many of the problems in the auto industry were a direct result of poor management decisions over decades. So it wasn’t an easy call. But we decided that while providing additional assistance was a risk, the far greater risk to families and communities across our country was to do nothing. We agreed to additional help, but only if the companies and their stakeholders were willing to break with the past. They had to fundamentally reorganize, with new management that would reexamine the decisions that led to this mess and chart a path toward viability. I knew this wasn’t a popular decision. But it was the right one.

So, GM and Chrysler went through painful restructurings: ones that required enormous sacrifices on the part of all involved. Many believed this was a fool’s errand. Many feared we would be throwing good money after bad: that taxpayers would lose most of their investment and that these companies would soon fail regardless. But one year later, the outlook is very different. In fact, the industry is recovering at a pace few thought possible.

Just this week we received some encouraging news. Since General Motors emerged from bankruptcy, the auto industry has actually added 45,000 jobs – the strongest growth in a decade. And Chrysler announced an operating profit in the first three months of this year. This is the first time Chrysler has reported a profit since the beginning of the economic crisis. What’s more, GM announced that it paid back its loans to taxpayers with interest, fully five years ahead of schedule. It won’t be too long before the stock the Treasury is holding in GM can be sold, helping to reimburse the American people for their investment.

In addition, Chrysler Financial has already fully repaid with interest the loans it received to support auto financing. And we are closing the books on the temporary program that helped parts suppliers weather this storm – returning this investment to the Treasury in full, with interest, as well. Finally, we are bringing to an end many of the emergency programs designed to stabilize the financial sector and restart lending so folks could finance cars and trucks – as well as homes and small businesses.

On Friday, in fact, the Treasury Department informed Congress that this financial rescue – which was absolutely necessary to prevent an even worse economic disaster – will end up costing taxpayers a fraction of what was originally feared. This is a direct result of the careful management of the investments made by the American people so that we could recoup as many tax dollars as possible – and as quickly as possible.

These steps, as well as others we’ve taken, have meant that millions of people are working today who might otherwise have lost their jobs. But these steps were never meant to be permanent. As I’ve said many times, I did not run for president to get into the auto business or the banking business. As essential as it was that we got in, I’m glad to see that we’re getting out.

At the same time, even as we have come a long way, we still have a ways to go. The auto industry is more stable today. And the economy is on a better footing. But people are still hurting. I hear from them just about every day in letters I read and in the towns and cities that I visit. No matter what the economic statistics say, I won’t be satisfied until folks who need work can find good jobs. After a recession that stole 8 million jobs, this is gonna take some time. And this will require that we continue to tackle the underlying problems that caused this turmoil in the first place. In short, it’s essential that we learn the lessons of this crisis – or we risk repeating it.

Now, part of what led to the crisis in our auto industry – and one of the main causes of the economic downturn – were problems in our financial sector. In the absence of common-sense rules, Wall Street firms took enormous, irresponsible risks that imperiled our financial system – and hurt just about every sector of our economy. Some people simply forgot that behind every dollar traded or leveraged, there is a family looking to buy a house, pay for an education, open a business, or save for retirement.

That’s why I went to New York City this week and addressed an audience that included leaders in the financial industry. And once again I called for reforms to hold Wall Street accountable and to protect consumers. These reforms would put an end – once and for all – to taxpayer bailouts. They would bring greater transparency to complex financial dealings. And they will empower ordinary consumers and shareholders in our financial system. Folks will get clearer and more concise information when they make financial decisions – instead of having to worry about deceptive fine print. And shareholders and pension holders will have a stronger voice in the boardrooms of companies in which they invest their savings.

That’s how we’ll restore trust and confidence in our markets. That’s how we’ll help to put an end to the cycle of boom and bust that we’ve seen. And that’s how – after two very difficult years – we will not only revive the economy, but help to rebuild it stronger than ever before.

Thanks.

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