What President Obama Must Do in His Second Term to Protect Main Street From Wall Street
The presidential election may not have debated many issues, but it sure was about whether or not to kill Wall Street financial reform. Republican candidate Romney was Wall Street’s choice: They supported him with tens of millions of dollars, and Romney said repeatedly that he would repeal financial reform. In stark and clear contrast, the president said he would continue implementing it, one of the historic accomplishments of his first term.
President Obama’s reelection was critical because nothing less than our financial system, our economy and our standard of living are at stake when we are talking about financial reform. The most recent financial crisis almost caused a second Great Depression, and it’s going to cost more than $12.8 trillion, which doesn’t include the incalculable human suffering of the tens of millions who are or have been unemployed, the millions who have been thrown out of their homes and those who lost savings, retirements and educations, not to mention faith in the American dream. (See Better Markets’ report on the cost of the crisis.) Now that he’s won, what should the president do to make sure that Wall Street can never again do this to our country? He must complete the job of implementing the financial reform law with strong and clear rules that truly protect Main Street from the recklessness of Wall Street.