Obama blasts Republican plans to repeal Wall Street reform

US Prez blasted Republican plans to repeal a Wall Street reform law passed by Congress earlier this year.

Updated: Oct 23, 2010, 20:24 PM IST

Washington: US President Barack Obama today
blasted Republican plans to repeal a Wall Street reform law
passed by Congress earlier this year, saying it would be a
"terrible mistake."

"I think that would be a terrible mistake," Obama said in
his weekly radio address.

"Our economy depends on a financial system in which
everyone competes on a level playing field, and everyone is
held to the same rules -- whether you`re a big bank, a small
business owner, or a family looking to buy a house or open a
credit card," he added.

The measure, signed by the president into law in July,
gives the government new sweeping regulatory powers designed
to stave off major financial crises in the future.

It grants regulators new powers to take down failing
giant financial firms, creates new consumer protection rules
requiring more disclosure and fewer hidden fees for mortgages
and credit cards.

The law also calls for setting up a new consumer
financial protection agency.

Obama said that special interests fought hard against
reform when it was being debated in Congress, and now the
Republican leadership is calling for repealing this law.

However, he warned that without sound oversight and
common-sense protections for consumers, the whole economy will
be jeopardy.

"That doesn`t serve Main Street. That doesn`t serve Wall
Street. That doesn`t serve anyone," the president declared.

"And that`s why I think it`s so important that we not take
this country backward -- that we don`t go back to the broken
system we had before. We`ve got to keep moving forward."

PTI