On the heels of yesterday’s financial regulatory reform event, Treasury Secretary Tim Geithner spoke to the Senate today, saying "every financial crisis of the last generation has sparked some effort at reform. But past efforts have begun too late, after the will to act has subsided."
It was this sense of urgency that was felt in the East Room of the White House yesterday as President Obama laid out his vision for regulation of the financial sector. The President’s mission of making policy based on input from many different kinds of people was shown in the collection of people in the East Room yesterday. The President of the American Bankers Association, Ed Yingling was brought together with the DC director of the Consumers Union, Ellen Bloom. In the room also were Republican Representative Shelly Moore-Capito and Democratic Representative Jim Himes. They all gathered to hear as President Obama described the future of financial regulation in the aftermath of the catastrophe that occurred in the financial sector. It is in the spirit of necessary change and bringing people together that President Obama spoke before this gathering of people from different walks of life.
In preparation for the event yesterday and the policy announcement, the White House Office of Public Engagement, working with the National Economic Council and the Department of Treasury, held stakeholders meetings over the last couple weeks in an effort to hear all sides on this issue. From industry leaders, to academics and economists to progressive organizations and consumer rights advocates, several meetings were held as this issue remains a crucial component of the President’s first year in office.
"I believe that our role is not to disparage wealth, but to expand its reach; not to stifle the market, but to strengthen its ability to unleash the creativity and innovation that still make this nation the envy of the world. That's our goal -- to restore markets in which we reward hard work and responsibility and innovation, not recklessness and greed."
President Obama leads the way in creating sweeping reforms with the goal of promoting business while protecting average Americans.
Sitting in the front row were those who had been instrumental in helping to inform and shape this new regulatory system. Chairman Chris Dodd, Chairman Barney Frank, and Senator Dick Durbin had all gathered to show their support of these new changes in the way we regulate the financial industry. Going forward, regulators will look at the system as a whole to avoid system-wide collapse.