July 21, 2015 | 37:42 | Public Domain
President Obama delivers remarks in Pittsburgh, PA at the 116th Convention of the Veterans of Foreign Wars and 102nd National Convention of the Ladies Auxiliary. July 21, 2015.
Yesterday, President Obama celebrated the 25th anniversary of the Americans with Disabilities Act (ADA) at the White House.
In the East Room, President Obama honored those who made the ADA the law of the land – the activists, congressional representatives, and stakeholders who worked tirelessly to ensure that millions of Americans with disabilities had the chance to make their contributions to the world.
Five years ago today, President Obama signed the Wall Street Reform and Consumer Protection Act into law. (It's commonly called "Dodd-Frank," or simply "Wall Street Reform," and you can read more about what it's doing here.)
Here are a couple numbers that help show exactly what the law has done these past years.
The Consumer Financial Protection Bureau (CFPB)—the new cop on the beat created by Wall Street Reform—has provided nearly $11 billion in relief for over 26 million consumers harmed by financial institutions—including a new action announced today.
In all, $141 billion has been paid by 14 of the biggest banks for mortgage-related violations in the lead-up to the crisis, including $50 billion in gross consumer relief to distressed homeowners through the National Mortgage Servicing Settlement.
Banks have added more than $600 billion of additional capital, which is money they can lend and which increases resiliency. At the same time, banks have reduced their leverage, making them more stable and less reliant on borrowed money.
“Dodd-Frank” is shorthand for the Wall Street Reform and Consumer Protection Act, whose chief co-sponsors on Capitol Hill were Senator Chris Dodd and Representative Barney Frank. These reforms — that the President signed into law exactly five years ago today — and others the Administration has put in place since the crisis represent the most sweeping set of financial reforms since the Great Depression.
Why does it matter and why should you care? Let’s take a walk down memory lane.
(And if you just want a quick breakdown of the numbers behind five years of Wall Street reform, take a look here.)
“CFPB” stands for the Consumer Financial Protection Bureau: an independent watchdog responsible for writing and enforcing rules to protect you as you borrow and save. And Wall Street reform made it happen.
Here's why that's a big deal:
You’d be surprised at exactly what lenders were able to get away with during the housing bubble — including loading up a mortgage with extra costs to jack up their own compensation in the short term before shuffling that loan over to a third party, making it their problem. With these bad incentives, lenders steered borrowers toward bad products they couldn’t afford (even when they qualified for better, lower-cost options), often burying the terms of made-to-explode mortgages in the fine print.
Dodd-Frank fixed that. Today, lenders have to assess borrowers’ ability to pay a mortgage first. They have to take responsibility for the risks of the loans they make, giving them “skin in the game” to encourage responsible lending. And they will have to present them to the borrowers in clearer, easier-to-understand terms. And the CFPB is keeping all kinds of consumer lenders honest — from credit card companies, to mortgage lenders, to debt collectors, to student loan servicers. Since 2011, the CFPB’s enforcement actions have delivered nearly $11 billion in relief to more than 26 million consumers harmed by illegal practices -- including a new action announced today.
(Those practices include deceptive marketing, unfair billing, and discriminatory practices by big banks and other financial institutions — and a whole lot more. Learn more about them here.)
President Barack Obama and President Muhammadu Buhari of Nigeria shake hands prior to deliver statements to the press before their bilateral meeting in the Oval Office, July 20, 2015. (Official White House Photo by Pete Souza) (Official White House Photo by Pete Souza)
Yesterday, President Obama hosted President Muhammadu Buhari of Nigeria in the Oval Office to express U.S. commitment to strengthening and expanding our partnership with Nigeria’s new government. The President made clear that the United States is prepared to increase support for a holistic effort by the Government of Nigeria to counter Boko Haram; one that protects human rights and brings together security and development tools to defeat Boko Haram and eliminate the factors that fuel extremism. President Obama and President Buhari also discussed what it will take to strengthen Nigeria’s economy, including a comprehensive approach to tackling corruption and reforming Nigeria’s energy sector.
Hosting President Buhari in Washington has created valuable opportunities for Vice President Biden and members of President Obama’s cabinet to meet with President Buhari, as well as for U.S. government departments and agencies to expand initiatives to support Nigeria’s priorities. Below are highlights from these events and announcements.
See more about what the U.S. is doing to help Nigeria, here.
Grant Harris is a Special Assistant to the President and Senior Director for African Affairs.
July 20, 2015 | 14:47 | Public Domain
President Obama delivers remarks in the East Room of the White House celebrating the 25th Anniversary of the Americans with Disabilities Act. July 20, 2015.
In this week's address, the President explained the comprehensive, long-term deal announced earlier this week that will prevent Iran from obtaining a nuclear weapon. This agreement cuts off every pathway that Iran could take to develop a nuclear weapon, implements unprecedented monitoring and inspections of Iran’s key nuclear facilities, and ensures that if Iran violates these terms, the strict sanctions previously imposed on the country will snap back into place. This is a good deal that demonstrates that American diplomacy can bring about real and meaningful change that makes our country, and the world, safer and more secure.
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