Regulatory reform White House ‘09 priority
Written on September 12, 2009
The Obama administration still sees passing financial regulatory reform legislation as a top priority this year, White House adviser Christina Romer said on Friday.
“It is absolutely a top priority,” Romer, who chairs the White House Council of Economic Advisers, told Reuters Television.
She said the administration did not want to lose this window of opportunity to pass reform to avoid another major financial crisis in the future.
President Barack Obama will discuss the issue on the anniversary on Monday of Lehman Brothers’ collapse.
Lehman, once the fourth-largest U.S. investment bank, filed for bankruptcy protection on September 15, 2008, in the largest U.S. bankruptcy filing in history.
Lehman’s collapse triggered a worldwide financial crisis and helped Obama’s race for the presidency. The Democrat, who made financial regulatory reform a key platform of his candidacy, was seen as having a cool and pragmatic reaction to the country’s economic woes.
“The most important thing we can do to make sure that we never find ourselves in this situation again is to put in place the comprehensive set of reforms that were announced last spring and that we are now working (on) with Congress,” Romer said free credit score online.
When asked about a timeframe for getting the measures passed, especially as Obama presses now for healthcare reform and climate change legislation, Romer said the White House was “shooting to get it done as fast as possible.”
She said Obama would take stock of the situation since Lehman’s fall in his speech next week.
“One reason why this anniversary is important is somehow too often we forget the pain,” she said, referring to the economic crisis.
“Now that we are starting to see improvements, now that we are starting to see a renewed sense of confidence, we don’t want to lose sight of what we’ve been through.”
(Editing by Philip Barbara)
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