The White House

Office of the Press Secretary

Remarks by the President at Signing of the Improper Payments Elimination and Recovery Act

State Dining Room

11:28 A.M. EDT
 
THE PRESIDENT:  Good morning, everybody.  Thank you, thank you.  Everybody please have a seat.  Welcome to the White House.  I am pleased that you could all join us today as I sign this bill -- the Improper Payments Elimination and Recovery Act –- which, translated into English, means cutting down on waste, fraud and abuse, and ensuring that our government serves as a responsible steward for the tax dollars of the American people.
 
This is a responsibility we’ve been working to fulfill from the very beginning of this administration.  Back when I first started campaigning for office, I said I wanted to change the way Washington works so that it works for the American people.  I meant making government more open and more transparent and more responsive to the needs of the people.  I meant getting rid of the waste and inefficiencies that squander the people’s hard-earned money.  And I meant finally revamping the systems that undermine our efficiency and threaten our security and fail to serve the interests of the American people.
 
Now, there are outstanding public servants doing essential work throughout our government.  But too often, their best efforts are thwarted by outdated technologies and outmoded ways of doing business.  That needs to change.  We have to challenge a status quo that accepts billions of dollars in waste as the cost of doing business and enables obsolete or under-performing programs to survive year after year, simply because that’s the way things have always been done.
 
This isn’t just about lines on a spreadsheet or numbers in a budget, because when we fail to spend people’s tax dollars wisely, that’s money that we’re not investing in better schools for our kids, or tax relief for families, or innovation to create new industries and new jobs.  When government doesn’t work like it should, it has a real effect on people’s lives -– on small business owners who need loans, on young people who want to go to college, on the men and women who’ve served this country and are trying to get the benefits that they’ve earned.  And when we continue to spend as if deficits don’t matter, that means our kids and our grandkids may wind up saddled with debts that they’ll never be able to repay.
 
And the reality is that right now, in these difficult economic times, families across this country are cutting every frill and stretching every dollar as far as they can -– and they should expect no less from their government.
 
If folks can book a flight or buy a pair of shoes online with the click of a button, there’s no reason they should have to fill out duplicative forms or endure endless red tape and delays when they deal with their government.  So that’s why one of the first things we did when we arrived in Washington was to undertake an Accountable Government Initiative –- an effort that spans every agency, department and office in our government.
 
We named our first ever Chief Performance Officer, Jeffrey Zients, and we’re bringing to bear every tool at our disposal –- a combination of 21st century technology and old-fashioned common sense –- to ensure that our government operates as efficiently as possible and provides the highest quality of service to its customers, the American people.
 
We began by combining -- by going through the budget line by line and proposing $20 billion worth of cuts each year by targeting programs that are wasteful, duplicative or, in some cases, just plain ridiculous, like the $35 million we’re spending for a radio navigation system for ships.  Since we now have this thing called GPS, we don’t need it.  Or the $3 million that was spent on consultants to create seals and logos for the Department of Homeland Security.  Their logos and seals are fine.  (Laughter.)  Or the billions of dollars slated to be spent on a fancy new presidential helicopter fleet that I didn’t want and didn’t need because Marine One is also fine.
 
We’ve drafted a budget for next year that freezes all discretionary government spending outside of national security for three years, a budget, by the way, that would reduce this spending -- non-defense discretionary spending -- to its lowest level as a share of the economy in 50 years.  This isn’t talked about a lot so I’m going to repeat it.  Our budget would take non-security defense -- or non-defense spending to its lowest level since JFK -- lowest level as a percentage of the economy since JFK.
 
We’ve gone after wasteful government contracting with a vengeance, working to put an end to unnecessary no-bid contracts and dramatically reinforcing the way government contracts are awarded.  And we’re now on track to reach our goal of saving $40 billion by the end of the next fiscal year.  We’re working to sell or lease out thousands of federal buildings which we no longer need and aren’t using, saving another $8 billion.  We froze salaries for senior White House staff -- hence the glum faces.  (Laughter.)
 
And we’ve asked Congress for additional authority so that working together, we can move quickly to cut wasteful spending proposals before the money goes out the door.  We’ve streamlined those college loan forms, eliminating nearly two dozen unnecessary questions.
 
We’re creating a single electronic medical record for our men and women in uniform that will follow them from the day they enlist until the day that they are laid to rest.  We’re revamping our Social Security and citizenship processes so that folks can book appointments and check the status of their applications online.  We’ve created mobile apps that provide everything from disaster assistance to product safety information to the latest wait times for security lines at your local airport.
 
And we’ve begun an unprecedented effort to put an end to a problem known as improper payments, which is the purpose of the bill that I’m signing into law today.  Now, these are payments sent by the government to the wrong person, or for the wrong reasons, or in the wrong amount.  Payments to a defense contractor that’s been disbarred for shoddy work but somehow managed to get through the system.  Payments to companies that haven’t paid their taxes, or to folks who are incarcerated –- or who are dead.
 
Sometimes these payments are the result of innocent mistakes or reflect valid claims that were paid at the wrong time.  But sometimes, they result from abuses by scam artists and crooked companies.  And all told, they added up to $110 billion.  I want everybody to understand -- just get some perspective on that.  That is more than the budgets of the Department of Education and the Small Business Administration combined.  And that’s unacceptable.
 
That’s why, earlier this year, I directed our federal agencies to launch rigorous audits conducted by auditors who are paid based on how many abuses or errors they uncover -– the more they find, the more money they make.  So they are highly incentivized.  We’re also creating a “Do Not Pay” list –- a consolidated database of every individual and company that’s ineligible for federal payments.  Before checks are mailed, agencies will be required to check this list to make sure that the payment is to the right person, in the right amount, for the right reason.
 
With these new tools, the challenge I’m making to my team today is to reduce improper payments by $50 billion between now and 2012.  This goal is fully achievable due in no small part to some of the great work of the members of Congress standing with me today, particularly Senator Tom Carper and Representative Patrick Murphy, who sponsored the bill I’m about to sign and worked with all the other members of Congress who are here today to get it passed.
 
And I think, by the way, it’s worth noting that this bill passed unanimously in both the House and the Senate -– a powerful reminder of what we can accomplish when we put partisanship aside and do what’s best for the people we serve.
 
So this bill will dramatically expand and intensify our efforts to end improper payments.  And going forward, every agency in our government will be required to conduct annual assessments to determine which of their programs are at risk of making improper payments.  Agencies will be required to audit more of their programs and recapture more taxpayer dollars.  And we now have rigorous enforcement mechanisms to hold agencies accountable for how much money they save.
 
So, in large part, thanks to the great work of the people in this room, I think we’re headed in the right direction.  And today, I’m pleased to announce that I will be charging Jack Lew, my choice for director of Office of Management and Budget -- once Peter Orszag, the current OMB director, departs -- with building on the good work that Peter began.  I’m entrusting Jack with carrying forward our Accountable Government Initiative in the months ahead.  I will be asking him and Jeff to give me regular updates on our progress in cutting waste and making our government more efficient and effective.
 
And as the only OMB director in history to preside over a budget surplus for three consecutive years, Jack Lew knows a thing or two about making government work.  I’m confident he’s up to the challenge of building the kind of government that the American people expect and deserve -– one that spends their money wisely, serves their interests well, and is fully worthy of their trust and respect.
 
So I want to again thank these outstanding members of Congress who are here today who have been on the case in both chambers for quite some time.  I want to thank all the people who worked on this bill in this room for your outstanding efforts.
 
Thank you.  God bless you.  God bless America.  And let me sign this bill.  (Applause.)
 
     (The bill is signed.) (Applause.)
 
                              END           11:39 A.M. EDT

The White House

Office of the Press Secretary

Declaraciones del Presidente en la promulgacion de la Ley Dodd-Frank de Reforma de Wall Street y Proteccion al Consumidor

Edificio Ronald Reagan

11:34 A.M. EDT
 
PRESIDENTE: Buenos días a todos.

PÚBLICO PRESENTE: Buenos días.

PRESIDENTE: Estamos reunidos en el corazón de la capital de nuestra nación, rodeados de monumentos a líderes y ciudadanos que prestaron servicios a nuestro país en sus primeros días y en sus momentos más difíciles.
 
Hoy Estados Unidos se encuentra en un momento así. En los últimos dos años enfrentamos la peor recesión desde la Gran Depresión. Ocho millones de personas perdieron su empleo. Decenas de millones vieron desplomarse el valor de su vivienda y sus ahorros para la jubilación. Innumerables empresas no pudieron conseguir los préstamos que necesitaban y muchas se vieron forzadas a cerrar sus puertas. Y aunque el crecimiento económico se ha reanudado, demasiadas personas todavía están sufriendo los efectos de la crisis.
 
Y si bien numerosos factores llevaron a una recesión tan severa, la causa principal fue el colapso de nuestro sistema financiero. Fue una crisis que nació de la irresponsabilidad de ciertos elementos de Wall Street e instancias de poder en Washington. Durante años, el sector financiero estuvo gobernado por reglamentos anticuados de los cuales no se exigía cumplimiento, lo que permitió que algunos se aprovecharan del sistema y asumieran riesgos que pusieron en peligro la economía entera.
 
Prestamistas inescrupulosos atraparon a consumidores en préstamos complejos con costos escondidos. Firmas como AIG hicieron apuestas masivas y riesgosas con dinero prestado. Y a la vez que los reglamentos permitían el exceso y el abuso, dejaban expuestos a los contribuyentes a pagar los platos rotos en caso de que un gran banco o institución financiera fallara.
 
Incluso antes de que ocurriera la crisis, fui a Wall Street e hice un llamado a establecer reformas de sentido común para proteger a los consumidores y a nuestra economía entera. Y poco después de asumir la presidencia, propuse un conjunto de reformas para darles más influencia a los consumidores e inversionistas a fin de que los tratos escondidos que causaron esta crisis vieran la luz del día y se acabaran los rescates financieros a costa de los contribuyentes de una vez por todas. (Aplausos.)   Hoy, gracias a mucha gente en esta sala, esas reformas se convertirán en ley en este país.   
 
Durante los últimos doce meses, los presidentes de comité Barney Frank y Chris Dodd trabajaron día y noche. (Aplausos.)   Barney y Chris trabajaron día y noche para lograr aprobar esta reforma. Y les estoy profundamente agradecido. Y no puedo dejar de expresarles mi agradecimiento al senador Harry Reid y a la presidenta de la Cámara de Representantes Nancy Pelosi por su liderazgo. Esto no se habría concretado sin ellos. (Aplausos.)   

La aprobación de esta ley no fue tarea fácil. Para llegar a esto, tuvimos que superar el cabildeo feroz de un vasto grupo de intereses poderosos y una minoría parlamentaria decidida a bloquear el cambio. Así que los miembros que están aquí hoy, tanto en el estrado como entre el público, prestaron un gran servicio al dedicarle tanto de su tiempo y conocimiento a este esfuerzo, por cuidar de los intereses del pueblo y no de los intereses especiales. (Aplausos.)   Y también quiero agradecerles a tres senadores republicanos que pusieron de lado el partidismo y... (aplausos)... juzgaron este proyecto de ley en base a su mérito y votaron por la reforma. Les estamos agradecidos a ellos... (aplausos)... y a los miembros republicanos de la Cámara de Representantes. (Aplausos.)   Qué bueno verte aquí, Joe. (Aplausos.)  

 Ahora bien, pongamos esto en perspectiva. El hecho es que el sector financiero es crucial para nuestra habilidad de crecer, prosperar, competir e innovar. Hay muchos bancos que comprenden y desempeñan bien este rol vital, y hay muchísimos banqueros que quieren hacerlo bien... hacer lo correcto para sus clientes. Esta reforma ayudará a promover la innovación, no la restringirá. Está formulada para asegurarse de que todos sigan el mismo conjunto de normas, para que las firmas compitan en precio y calidad, no en trucos o trampas.
 
Exige rendimiento de cuentas y responsabilidad de todos. Proporciona certidumbre para todos, desde banqueros a agricultores, hasta empresarios y consumidores. Y a menos que un negocio dependa de trucos y estafas a sus clientes, no hay nada que temer de la reforma. (Aplausos.) 
 
Ahora bien, para todos esos estadounidenses que se preguntan lo que la reforma de Wall Street significa para ellos, esto es lo que pueden esperar. Si alguna vez solicitaron una tarjeta de crédito, un préstamo educativo o una hipoteca, saben lo que se siente cuando uno firma páginas y páginas de letra menuda casi ilegible. Un resultado frecuente es que muchos estadounidenses caen presa de tarifas escondidas y sanciones, o se embarcan en préstamos que no pueden pagar.
 
Eso le pasó a Robin Fox, a quien le aumentaron masivamente los intereses sobre el saldo de su tarjeta de crédito a pesar de que pagaba sus cuentas a tiempo. Eso le pasó a Andrew Giordano, que descubrió cientos de dólares en tarifas por sobregiro en su estado bancario, tarifas que no sabía que le podían cobrar. Ambos están aquí hoy. Bueno, con esta ley, los injustos aumentos de interés, como el que le impusieron a Robin, se acabaron para siempre. (Aplausos.)   Y nos aseguraremos de que cuando gente como Andrew abra una cuenta corriente, no caiga presa de tarifas por sobregiro sin saberlo. (Aplausos.) 
 
Con esta ley vamos a terminar con las prácticas abusivas del sector hipotecario. Nos aseguraremos de que los contratos sean más simples, y acabaremos con muchas sanciones y tarifas escondidas en hipotecas complejas, de manera que la gente sepa lo que está firmando.
 
Con esta ley, los estudiantes que sacan préstamos educativos recibirán información clara y concisa sobre sus obligaciones.

Y con esta ley, los inversionistas promedio, como gente mayor y personas que ahorran para su jubilación, podrán recibir más información sobre los costos y riesgos de fondos mutuos y otros productos de inversión para que puedan tomar mejores decisiones financieras que se ajusten a sus necesidades.

Así que, en suma, estas reformas representan las mayores medidas de protección financiera para el consumidor en la historia. (Aplausos.)   En la historia. Y el cumplimiento de estas medidas de protección será verificado por una nueva entidad de control cuya única función será proteger a las personas, no a los grandes bancos, no a los prestamistas, no a las entidades hipotecarias.  Protegerá a las personas en su interacción con el sistema financiero.

Y eso no es sólo bueno para los consumidores, es bueno para la economía. Porque la reforma le pondrá fin a muchos de los malos préstamos que propiciaron la burbuja basada en el endeudamiento. Y significará que todas las empresas tendrán que conseguir clientes ofreciendo mejores productos en lugar de productos engañosos.

Ahora bien, además de las medidas de protección al consumidor que acabo de describir, la reforma también le pondrá freno al abuso y exceso que casi trajo abajo a nuestro sistema financiero. Finalmente llevará transparencia a todo tipo de transacciones complejas y riesgosas que ayudaron a generar la crisis financiera. Los accionistas tendrán más influencia en la compensación de CEOs y otros ejecutivos, para que recompensen el éxito en lugar del fracaso.

Y finalmente, gracias a esta ley, el pueblo estadounidense nunca más tendrá que pagar los platos rotos por los errores de Wall Street. (Aplausos.)   No habrá más rescates financieros con dinero de los contribuyentes. Punto. (Aplausos.)   Si una gran institución financiera debe irse a la quiebra, esta reforma nos da la capacidad de liquidarla sin poner en peligro al resto de la economía. Y habrá nuevas normas para dejar en claro que ninguna firma está protegida de alguna manera porque es “demasiado grande para quebrar”, de modo que no tengamos otro AIG. 

Eso es lo que significa la reforma. Ahora bien, no significa que nuestra labor acabó. Porque para que estas reglas se pongan en práctica, los reguladores deben mantenerse alerta. Tal vez tengamos que hacer ajustes con el tiempo a medida que nuestro sistema financiero se adapta a estas nuevos cambios y a los cambios en el mundo. Ninguna ley puede forzar a nadie a ser responsable, y todavía les compete a quienes están en Wall Street aprender las lecciones de esta crisis para modificar la manera en que llevan sus negocios.

El hecho es que el bienestar del sistema financiero es de interés para todos los estadounidenses, desde la gente de Wall Street al estadounidense promedio. Los bancos y firmas de Wall Street invierten el capital que hace posible que las nuevas empresas vendan nuevos productos. Proporcionan préstamos a las empresas para que se expandan y contraten. Respaldan las hipotecas de las familias que compran una casa nueva. Por eso todos nos beneficiaremos de estas reformas. Todos ganamos cuando los inversionistas de todo el mundo tienen confianza en nuestros mercados. Todos ganamos cuando los accionistas tienen más influencia y más información. Todos ganamos cuando los consumidores están protegidos contra el abuso. Y todos ganamos cuando se recompensa a la gente en base a su buen desempeño, y no en base a qué tan buenos son para evadir responsabilidades.

Al final, nuestro sistema financiero sólo funciona bien, y sólo entonces podemos hablar de libre mercado, cuando hay reglas claras y salvaguardas básicas que impiden el abuso, controlan los excesos y se aseguran de que es más rentable obedecer las reglas que aprovecharse del sistema. Y con ese fin se formularon estas reformas, nada más y nada menos. Porque es así que nos aseguraremos de que nuestra economía funcione para los consumidores, que funcione para los inversionistas, que funcione para las instituciones financieras, que funcione para todos nosotros.

Ésta es la principal lección que aprendimos no sólo de esta crisis sino de la historia. A fin de cuentas, no hay una línea divisoria entre la gente de Wall Street y la gente promedio. Nos levantamos y caemos juntos como nación. Entonces, estas reformas nos ayudarán a levantar nuestra economía y nos llevarán a un futuro más sólido y más próspero.

Y por ello es un gran honor promulgar estas reformas, y estoy tan agradecido con todos los que trabajaron arduamente para hacer posible este día. Muchas gracias a todos. (Aplausos.) 

(Se firmó la ley.)  (Aplausos.) 

                                 FIN                 11:48 A.M. EDT

 

The White House

Office of the First Lady

Remarks by the First Lady at Cooper Hewitt Design Awards Luncheon

East Room

12:47 P.M. EDT

MRS. OBAMA:  Good afternoon, everyone, and welcome to the White House. 

It is a pleasure to be here today as we honor some of our country’s most talented, most visionary, most public-minded designers -- folks whose work has literally changed the way we look at the world and how we live our daily lives.  

Our honorees today come from a wide variety of disciplines and fields:  from architecture and landscape, to product design, interior design and much more. 

But all of you share the same relentless commitment to excellence.  Each of you practices your craft at the intersection of art and science, form and function -- grounding inspiration and innovation in fundamental principles of math and physics and engineering.

And all of you have spent your lives pushing boundaries.  We know a little bit about boundary pushing.  (Laughter.)  Or just outright ignoring them altogether.  (Laughter.)  Refusing to be confined by the world as it is, but instead having the courage, even the audacity, to pursue your vision of the world as it can and as it should be. 

The great jazz musician Miles Davis, one of my husband’s favorites, once said, “Don’t play what’s there, play what’s not there.”  And I think that’s pretty much a good description of what each of you does every day.  You’re really playing what’s not there.

You find solutions that we never thought of.  You reveal and create beauty we never could have imagined or seen on our own.  But each of you has also committed yourself to a fundamental principle, one best articulated, I believe, by one of today’s honorees, Tom Dair, the president and co-founder of Smart Design.  As he put it -- and this is a quote -- “Design is about people, not things.” 

What you do impacts just about every moment of our lives -- from the words we read, to the public spaces we enjoy, to the devices that help us do our jobs and run our homes and care for our families.  Your work can determine whether a family has shelter or whether a village has clean drinking water.  It can help fight disease, educate a child, and ensure we pass on cleaner, healthier world -- planet to all our children and grandchildren.  And your efforts grace our world with works of beauty that lift our spirits and stir our souls like nothing else can. 

But we honor you here today not just for your creations and your innovations but for the inspiration that all of you are providing to the next generation of creators and innovators and thinkers. 

And I know that just today -- and I heard just a little bit -- you guys did something amazing.  You really raised the bar.  And that’s exactly what we were hoping you’d do.  You took part in a Teen Design Fair -- it’s really fabulous, I can’t wait to hear more of the details -- that occurred right here in Washington to help introduce what I believe were more than 400 young people to careers in design.  And I know that many of you are involved in similar efforts like this back at home where you live and work.

And we know the impact that experiences like this can have on the life of our young people -- giving them role models for success and exposing them to new possibilities, helping give them direction and shape their dreams.

But we also know that far too few young people in this country have access to programs and opportunities like the one we did today.  Even those who live just minutes from our great museums and cultural centers may feel like these resources are far beyond their reach.

And one of my goals as First Lady is to help bridge that gap.  And that’s why I’ve been working to make sure that the White House is a showcase for America’s rich cultural life, and I want to open up these doors to as many of our young people as possible, hosting them right here, in these same seats at these same tables, for concerts and workshops and mentoring sessions.  I want all our young people in this nation to know that they have a place in our museums and in our theaters, in our design studios, in our concert halls, and in all halls of their very own White House. 

And I’ve got a partner in that effort, standing behind me.  I’m pleased to have the honor of introducing Dr. Wayne Clough, as you know, the head of our nation’s Smithsonian Institution, someone who shares the same mission.  And we were just talking about his travels, his works, his meetings with Secretary Duncan to do more to make sure that the experiences of the Smithsonian are available to kids living in the most remote places right here in this country.

Back when the Smithsonian was founded in the mid-1800s, it was focused primarily on science.  And it wasn’t until later that it expanded into culture, history, and then the arts. 

And that’s actually a pretty good summary of the trajectory of Dr. Clough’s career.  Wayne came to the Smithsonian from the Georgia Institute of Technology, where he was the president.  And in one news article, he is described as -- and this is a quote -- “a geotechnical engineer who reads and writes poetry” -- go figure -- (laughter) -- “quotes Faulkner, and likes indie films and the symphony.”

And he has brought to this current role that passion for art and science, and that embrace of both that makes our past and future one.

And during his time at the helm of the Smithsonian, he’s worked tirelessly to ensure that as many people as possible -- particularly our young people -- can benefit from everything this national treasure has to offer.

So it is my pleasure not only to join you for lunch and to sit next to Tim Gunn -- how cool -- (laughter) -- but to pass the mic on to my dear friend, someone who has been such a huge support to me in this role and has made this day possible, along with the work that so many of you do.  He helps lift it up.  It is my pleasure to introduce Secretary Wayne Clough.  (Applause.)

END
12:54 P.M. EDT

The White House

Office of the Press Secretary

Remarks by the President at Signing of Dodd-Frank Wall Street Reform and Consumer Protection Act

Ronald Reagan Building

11:34 A.M. EDT

THE PRESIDENT:  Well, good morning, everyone.

AUDIENCE:  Good morning.

THE PRESIDENT:  We are gathered in the heart of our nation’s capital, surrounded by memorials to leaders and citizens who served our nation in its earliest days and in its days of greatest trial.  Today is such a time for America. 

Over the past two years, we have faced the worst recession since the Great Depression.  Eight million people lost their jobs.  Tens of millions saw the value of their homes and retirement savings plummet.  Countless businesses have been unable to get the loans they need and many have been forced to shut their doors.  And although the economy is growing again, too many people are still feeling the pain of the downturn.

Now, while a number of factors led to such a severe recession, the primary cause was a breakdown in our financial system.  It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington.  For years, our financial sector was governed by antiquated and poorly enforced rules that allowed some to game the system and take risks that endangered the entire economy. 

Unscrupulous lenders locked consumers into complex loans with hidden costs.  Firms like AIG placed massive, risky bets with borrowed money.  And while the rules left abuse and excess unchecked, they also left taxpayers on the hook if a big bank or financial institution ever failed. 

Now, even before the crisis hit, I went to Wall Street and I called for common-sense reforms to protect consumers and our economy as a whole.  And soon after taking office, I proposed a set of reforms to empower consumers and investors, to bring the shadowy deals that caused this crisis into the light of day, and to put a stop to taxpayer bailouts once and for all.  (Applause.) Today, thanks to a lot of people in this room, those reforms will become the law of the land. 

For the last year, Chairmen Barney Frank and Chris Dodd have worked day and night -- (applause) -- Barney and Chris have worked day and night to bring about this reform.  And I am profoundly grateful to them.  I would be remiss if I didn't also express my appreciation to Senator Harry Reid and Speaker Nancy Pelosi for their leadership.  It wouldn’t have happened without them.  (Applause.)

Passing this bill was no easy task.  To get there, we had to overcome the furious lobbying of an array of powerful interest groups and a partisan minority determined to block change.  So the members who are here today, both on the stage and in the audience, they have done a great service in devoting so much time and expertise to this effort, to looking out for the public interests and not the special interests.  (Applause.)  And I also want to thank the three Republican senators who put partisanship aside -- (applause) -- judged this bill on the merits, and voted for reform.   We’re grateful to them.  (Applause.)  And the Republican House members.  (Applause.)  Good to see you, Joe.  (Applause.) 

Now, let’s put this in perspective.  The fact is, the financial industry is central to our nation’s ability to grow, to prosper, to compete and to innovate.  There are a lot of banks that understand and fulfill this vital role, and there are a whole lot of bankers who want to do right -- and do right -- by their customers.  This reform will help foster innovation, not hamper it.  It is designed to make sure that everybody follows the same set of rules, so that firms compete on price and quality, not on tricks and not on traps.

It demands accountability and responsibility from everyone. It provides certainty to everybody, from bankers to farmers to business owners to consumers.  And unless your business model depends on cutting corners or bilking your customers, you’ve got nothing to fear from reform.  (Applause.) 

Now, for all those Americans who are wondering what Wall Street reform means for you, here’s what you can expect.  If you’ve ever applied for a credit card, a student loan, or a mortgage, you know the feeling of signing your name to pages of barely understandable fine print.  What often happens as a result is that many Americans are caught by hidden fees and penalties, or saddled with loans they can’t afford. 

That’s what happened to Robin Fox, hit with a massive rate increase on her credit card balance even though she paid her bills on time.  That’s what happened to Andrew Giordano, who discovered hundreds of dollars in overdraft fees on his bank statement –- fees he had no idea he might face.  Both are here today.  Well, with this law, unfair rate hikes, like the one that hit Robin, will end for good.  (Applause.)  And we’ll ensure that people like Andrew aren’t unwittingly caught by overdraft fees when they sign up for a checking account.  (Applause.) 

With this law, we’ll crack down on abusive practices in the mortgage industry.  We’ll make sure that contracts are simpler -– putting an end to many hidden penalties and fees in complex mortgages -– so folks know what they’re signing. 

With this law, students who take out college loans will be provided clear and concise information about their obligations. 

And with this law, ordinary investors -– like seniors and folks saving for retirement –- will be able to receive more information about the costs and risks of mutual funds and other investment products, so that they can make better financial decisions as to what will work for them. 

So, all told, these reforms represent the strongest consumer financial protections in history.  (Applause.)  In history.  And these protections will be enforced by a new consumer watchdog with just one job:  looking out for people -– not big banks, not lenders, not investment houses -– looking out for people as they interact with the financial system.

And that’s not just good for consumers; that’s good for the economy.  Because reform will put a stop to a lot of the bad loans that fueled a debt-based bubble.  And it will mean all companies will have to seek customers by offering better products, instead of more deceptive ones.

Now, beyond the consumer protections I’ve outlined, reform will also rein in the abuse and excess that nearly brought down our financial system.  It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis.  Shareholders will also have a greater say on the pay of CEOs and other executives, so they can reward success instead of failure.

And finally, because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. (Applause.)  There will be no more tax-funded bailouts -- period. (Applause.)  If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy.  And there will be new rules to make clear that no firm is somehow protected because it is “too big to fail,” so we don’t have another AIG. 

That's what this reform will mean.  Now, it doesn’t mean our work is over.  For these new rules to be effective, regulators will have to be vigilant.  We may need to make adjustments along the way as our financial system adapts to these new changes and changes around the globe.  No law can force anybody to be responsible; it’s still incumbent on those on Wall Street to heed the lessons of this crisis in terms of how they conduct their businesses.

The fact is every American -– from Main Street to Wall Street –- has a stake in our financial system.  Wall Street banks and firms invest the capital that makes it possible for start-ups to sell new products.  They provide loans to businesses to expand and to hire.  They back mortgages for families purchasing a new home.  That’s why we’ll all stand to gain from these reforms.  We all win when investors around the world have confidence in our markets.  We all win when shareholders have more power and more information.  We all win when consumers are protected against abuse.  And we all win when folks are rewarded based on how well they perform, not how well they evade accountability. 

In the end, our financial system only works –- our market is only free –- when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system.  And that’s what these reforms are designed to achieve -- no more, no less.  Because that’s how we will ensure that our economy works for consumers, that it works for investors, that it works for financial institutions -– that it works for all of us. 

This is the central lesson not only of this crisis but of our history.  Ultimately, there’s no dividing line between Main Street and Wall Street.  We rise or fall together as one nation. So these reforms will help lift our economy and lead all of us to a stronger, more prosperous future. 

And that’s why I’m so honored to sign these reforms into law, and I’m so grateful to everybody who worked so hard to make this day possible.  Thank you very much, everybody.  (Applause.)

(The bill is signed.)  (Applause.) 

END
11:48 A.M. EDT

The White House

Office of the Press Secretary

Declaraciones del Presidente Sobre el Voto del Comité Judicial del Senado

Elena Kagan es una de los más destacados juristas del país y ha demostrado en todo este proceso que, de recibir confirmación, sería una jueza imparcial y justa de la Corte Suprema que comprende que las decisiones tomadas por el tribunal afectan la vida de los estadounidenses comunes y corrientes. El voto de hoy por el Comité Judicial del Senado es ratificación por miembros de ambos partidos de su excelente desempeño en las audiencias de confirmación. Quiero darle las gracias al Comité Judicial por brindarle una audiencia cabal, pronta y respetuosa, y estoy deseoso de que el Senado en pleno considere y vote sobre su nombramiento antes del receso de agosto.

The White House

Office of the First Lady

Remarks by the First Lady at a "Let's Move!" Baseball Clinic with Major League Baseball at Camden Yards

Camden Yards
Baltimore, Maryland

11:22 A.M. EDT
 
MRS. OBAMA:  Oh, man, those were cool.  Pretty cool.  That’s my first, like, major PSA.  What do you think, kids?  Good?  Two thumbs up?  Would you listen?  Yes, I thought so.  Okay.  (Laughter.)
 
Well, good afternoon, everybody.  And thank you, Tim, thank you for that introduction.  Thank you for all your support.  I want to join the thank yous to the entire Baltimore Orioles organization; to Pete Angelos and his family for hosting us today. 
 
This is certainly a beautiful park.  Kids, don’t you think this is cool?  (Applause.)  You’re sitting in the middle of a ballpark!  Okay.  (Laughter.)
 
I also want to thank the Tampa Bay Rays and owner Stuart Sternberg and his family for their support.  Also thanks to Tony Clark and the entire MLB Players Association and all 30 players who agreed to be part of the public service advertising campaign.  So that’s -- it just means so much to these kids to see you guys joining in this.  Your voice means so much more to them than anything we could say, and we’re just proud to have you on board.  So thank you so much.
 
I also want to thank the First Lady of Maryland, Katie O’Malley.  Also, Baltimore’s mayor, Mayor Rawlings-Blake, thank you so much for being here today.  Thank you for your support.  Thank you for making this city a strong one and letting us launch this in your city.  We really appreciate it.
 
And I want to thank Commissioner Selig and his wife Sue and their family for being here.  As Sue said, they sent the women to do the job today.  I think we’re handling it, right, Sue?  (Laughter.) 
 
And last but not least, to you guys, the kids, all the Major League Baseball RBI program participants and all those supporters from the Boys and Girls Clubs all around the country who’ve helped millions of kids lead happier, healthier lives because, kids, I know you’re hot out there, I know there are cameras, but we’re here because of you.  Truly, this is all about you.  Everything we’re doing is about you kids sitting here, and it’s important for you to know that.
 
The truth is that lots of kids just aren’t getting enough healthy foods and they’re not getting enough exercise.  And that’s going to make it hard for them to pay attention in class, it’s going to make it hard for them to keep up with their friends on the playground, and it’s going to make it difficult for young kids to grow up to be the kind of strong athletes that we see here.
 
So we needed to do something about it.  So when I became First Lady, we started planting a garden and doing some things around healthy eating, but it led to the launch of a broader conversation, a campaign called “Let’s Move!”  And “Let’s Move!” has a simple goal:  We’re trying to end childhood obesity in a generation so that kids born today grow up healthier and able to pursue their dreams.
 
We’re doing a lot of things.  We’re trying to get parents and teachers and mayors and governors and athletes and doctors.  We need everyone involved in this effort on behalf of our kids.
 
The campaign is going to do four things.  First, we’re helping parents to make better choices -- we’re trying to get companies to provide healthier foods for you guys to eat.  The second thing, we’re trying to help schools like yours offer healthier meals so that you get good food at school.  The third thing, we’re making sure that all families can get healthy, affordable food in the communities where they live.  One of the biggest problems in this country is that lots of children live in neighborhoods that don’t have a supermarket at all, not a single supermarket.  That means that healthy fruits and vegetables are harder to find, and we’re trying to change that. 
 
And number four, which is why we’re here today, is that we’re trying to get you kids moving!  (Applause.)  The whole campaign is about “Let’s Move!” because the truth is, guys, you are supposed to be getting at least 60 minutes of active play every single day.  Are you guys doing that right now?  How many kids are getting 60 minutes, a whole hour, every day just to play?  Let me see some hands.  (Laughter.)  All right, we got these two.  I know I’m getting mine in. 
 
But that’s what led athletes to be the great players that they are today, because they never stop moving.  If you talk to your mothers -- right, you guys?  You never stop moving.  Never.  And that’s what you guys need to do, and that’s why we’re here.  We’ve got to get you kids focused and moving, and we’ve got organizations all across the country ready to help. 
 
At first, when these players were kids, they found a sport that they loved.  And they practiced and practiced and practiced until they were better at it than anybody else.  So we want you guys to do the same thing. 
 
So that’s why we’re here.  I know you guys are hot.  But we’re going to get you guys moving today.  And one of the things we want you to think about doing -- this is a challenge that I have from the President of the United States -- are you ready?  He’s going to give out some awards, an Active Life Award, for kids who are committed to doing activity every day of the week, or at least five days a week, okay?  And if you can commit to doing that and get your parents involved and your schools involved, you’ll get one of those awards.  Maybe you’ll get to come to the White House.  But you have to commit to do that.  Do you think you’re ready to compete? 
 
CHILDREN:  Yes!
 
MRS. OBAMA:  This could be the start of it.  Are you ready to be healthier?
 
CHILDREN:  Yes!
 
MRS. OBAMA:  Are you ready to eat more vegetables?
 
CHILDREN:  Yes!
 
MRS. OBAMA:  Are you ready to drink more water?
 
CHILDREN:  Yes!
 
MRS. OBAMA:  Are you ready to jump up and down?
 
CHILDREN:  Yes!
 
MRS. OBAMA:  Throw some balls?
 
CHILDREN:  Yes!
 
MRS. OBAMA:  Sweat?
 
CHILDREN:  Yes!
 
MRS. OBAMA:  Scream?
 
CHILDREN:  Yes!
 
MRS. OBAMA:  All right, let’s do it, let’s move!  Thank you guys.  I’m going to get out there with you.  I got my shoes on.  All right, let’s get going.  (Applause.) 
 
END
11:29 A.M. EDT

The White House

Office of the Press Secretary

Remarks by President Obama and Prime Minister Cameron of the United Kingdom in Joint Press Availability

East Room

1:58 P.M. EDT

PRESIDENT OBAMA:  Good afternoon, everybody.  Please have a seat.  It is my great pleasure to welcome Prime Minister Cameron on his first visit to the White House as Prime Minister. 

We have just concluded some excellent discussions -- including whether the beers from our hometowns that we exchanged are best served warm or cold.  My understanding is, is that the Prime Minister enjoyed our 312 beer and we may send him some more.  I thought the beer we got was excellent -- but I did drink it cold.  (Laughter.)    

Mr. Prime Minister, we can never say it enough.  The United States and the United Kingdom enjoy a truly special relationship. We celebrate a common heritage.  We cherish common values.  And we speak a common language —- most of the time.  We honor the sacrifices of our brave men and women in uniform who have served together, bled together, and even lay at rest together. 

Above all, our alliance thrives because it advances our common interests.  Whether it’s preventing the spread of nuclear weapons or securing vulnerable nuclear materials, thwarting terrorist attacks, or confronting climate change, or promoting global economic growth and development, when the United States and the United Kingdom stand together, our people —- and people around the world -- are more secure and they are more prosperous.

In short, the United States has no closer ally and no stronger partner than Great Britain.  And I appreciate the opportunity to renew our relationship with my partner, Prime Minister Cameron.

In his campaign, David was known for his extensive town halls discussions with voters —- “Cameron Direct.”  And that’s the same spirit that we had here today.  I appreciate David’s steady leadership and his pragmatic approach.  And just as he’s off to an energetic start at home, I think we’ve had a brilliant start as partners who see eye-to-eye on virtually every challenge before us.

Great Britain is one of our largest trading partners, and we’re committed to long-term sustainable growth that keeps the global economy growing and puts our people to work.  I told David that my administration is working hard with the Senate to move forward as soon as possible with our defense trade treaty with the U.K., which will be good for our workers and our troops in both our countries. 

We reaffirmed our commitment to fiscal responsibility and reform.  David’s government is making some courageous decisions, and I’ve set a goal of cutting our deficit in half by 2013.  Tomorrow, I’ll sign into law the toughest financial reforms since the aftermath of the Great Depression.  And I commend David for his leadership in Europe to rebuild confidence in the financial sector.  Together, we’re determined to make sure the financial catastrophe that we are emerging from never happens again.

We discussed the Middle East, where both our governments are working to encourage Israelis and Palestinians to move to direct talks as soon as possible.

We discussed the continuing threat posed by Iran’s nuclear program.  On this we are united:  The Iranian government must fulfill its international obligations.  The new sanctions imposed by the U.N. Security Council, the United States, and other countries are putting unprecedented pressure on the Iranian government.  And I thanked David for Great Britain’s efforts to ensure strong European Union sanctions in the coming days.

Along with our P5-plus-1 partners, we remain committed to a diplomatic solution.  But the Iranian government must understand that the path of defiance will only bring more pressure and more isolation.

Finally, much of our discussion focused on Afghanistan.  After the United States, Great Britain is the largest contributor of combat forces in Afghanistan, and British troops and civilians have served and sacrificed in some of the most dangerous parts of the country.

This is not an easy fight.  But it is a necessary one.  Terrorists trained in Afghanistan and the tribal regions along the Pakistani border have killed innocent civilians in both of our countries.  And an even wider insurgency in Afghanistan would mean an even larger safe haven for al Qaeda and its terrorist affiliates to plan their next attack.  And we are not going to let that happen.

We have the right strategy.  We’re going to break the Taliban’s momentum.  We’re going to build Afghan capacity so Afghans can take responsibility for their future.  And we’re going to deepen regional cooperation, including with Pakistan.

Today’s historic Kabul Conference is another major step forward.  The Afghan government presented —- and its international partners unanimously endorsed —- concrete plans to implement President Karzai’s commitments to improve security, economic growth, governance, and the delivery of basic services. The Afghan government presented its peace and reconciliation plan —- which the United States firmly supports.  Agreement was reached on a plan in which responsibility for security in Afghan provinces will transition to Afghan security forces.  In addition, Afghanistan and Pakistan reached a historic agreement to increase economic opportunity for people on both sides of the border. 

So these are all important achievements, and they go a long way toward helping create the conditions needed for Afghans to assume greater responsibility for their country.  Indeed, over the coming year, Afghans will begin to take the lead in security, and in July of next year will begin to transfer -- we will begin the transfer some of our forces out of Afghanistan.  And the Kabul Conference shows that the Afghan -- that Afghanistan has the support of the international community, including the United States, which will remain a long-term partner for the security and progress of the Afghan people.

As we go forward, we want to honor our fallen warriors with the respect and gratitude that they deserve —- whether it’s here at Dover, or in the small British town of Wootton Bassett, where people line the streets in a solemn tribute that represents the best of the British character.  With pride in their service and determination to carry on their work for a safer world, I am confident that we can be worthy of their sacrifice.  And I am confident that with my partner and friend, David Cameron, the special relationship between our countries will only grow stronger in the years to come. 

Mr. Prime Minister.

PRIMER MINISTER CAMERON:  Well, first of all, can I thank you, Mr. President, for welcoming me so warmly to the White House today.  Thank you for the meeting, for the lunch that we had, and also for the tour of part of your home.  I have to say, I was most impressed by how tidy your children’s bedrooms were.  (Laughter.)  And I think if the President of the United States can get his children to tidy their bedrooms, then the British Prime Minister, it’s about time --

PRESIDENT OBAMA:  You can do it.

PRIME MINISTER CAMERON:  -- he did exactly the same thing.  (Laughter.) 

PRESIDENT OBAMA:  You have to give them some notice, that’s the only thing.  (Laughter.)

PRIME MINISTER CAMERON:  Right.  Well, they’ve got notice --

PRESIDENT OBAMA:  Tell them the Prime Minister is coming.  (Laughter.) 

PRIME MINISTER CAMERON:  They should be in bed by now, but if they’re not they have notice.  (Laughter.) 

I think we did have a very valuable opportunity today to discuss in real depth a strong and a shared agenda on Afghanistan, on global economic recovery, and on the Middle East. And this relationship isn’t just, as you put it, an extraordinary special relationship.  To me, it is also an absolutely essential relationship if we are going to deliver the security and the prosperity that our people need.  And I thought again today in our discussions just how closely aligned our interests are on all of the issues that we discussed.

First, on Afghanistan, there is no clearer, no more tangible illustration of Britain and America standing shoulder to shoulder in our national interest than this mission that we are engaged in together.  We have British troops working to an American commander in Helmand, and we have American troops working to a British commander in Kandahar. 

Today, President Obama and I took stock of progress in this vital year.  We reaffirmed our commitment to the overall strategy.  A key part of that is training the Afghan national army and police so they can provide security for their country and our troops can come home. 

We also agreed on the need to reinvigorate the political strategy for Afghanistan.  Insurgencies tend not to be defeated by military means alone.  There must also be political settlement.  And to those people currently fighting, if they give up violence, if they cut themselves off from al Qaeda, if they accept the basic tenets of the Afghan constitution, they can have a future in a peaceful Afghanistan.

There is real progress.  Last weekend, the first Afghan-led military operation took place successfully in Helmand, Afghans defending themselves.  And today, as Barack has just said, for the first time in decades, the government of Afghanistan has hosted an international conference on its own soil.  Over 40 foreign ministers and 80 delegations assembled in Kabul to monitor progress and drive forward the international strategy.  That is a real achievement, and we should congratulate President Karzai on it.

President Obama and I also discussed the economy.  We're both taking action that our countries need.  Our destination is a strong and stable growth, a sustained economic recovery, and a reformed financial system that will never again be open to the abuses of the past.  We are confident that the right steps were taken at the Toronto G20 summit to help achieve that.

The Middle East was the third area that we focused on today. We both want a secure, peaceful and stable Middle East.  And that means two things:  First, as Barack has just said, Iran must give up its pursuit of a nuclear weapon.  We urge the Iranian regime to resume negotiations with the international community without delay.  It’s not too late for it to do so.  America and Britain, with our partners, stand ready to negotiate, and to do so in good faith.  But in the absence of a willing partner, we will implement with vigor the sanctions package agreed by the United Nations Security Council, and in Europe we will be taking further steps as well.

Second, we desperately need a two-state solution between Israel and the Palestinians that provides security, justice and hope.  As we were discussing over lunch, it is time for direct talks, not least because it is time for each, Israel and Palestine, to test the seriousness of the other.

On BP, which we discussed at some length, I completely understand the anger that exists right across America.  The oil spill in the Gulf of Mexico is a catastrophe -- for the environment, for the fishing industry, for tourism.  I've been absolutely clear about that.  And like President Obama, I've also been clear that it is BP’s role to cap the leak, to clean up the mess, and to pay appropriate compensation.  I'm in regular touch with senior management at BP, and the President is, too, to make sure that happens.  And the progress that's been made to cap the leak is a step in the right direction.

Equally, of course, BP is an important company to both the British and the American economies.  Thousands of jobs on both sides of the Atlantic depend on it.  So it’s in the interest of both our countries, as we agreed, that it remains a strong and stable company for the future.  And that's something we discussed today.

And let us not confuse the oil spill with the Libyan bomber. I’ve been absolutely clear about this right from the start, and in our meeting we had what we call a “violent agreement,” which is that releasing the Lockerbie bomber, a mass murderer of 270 people, the largest act of terrorism ever committed in the United Kingdom, was completely wrong.

He showed his victims no compassion.  They were not allowed to die in their beds at home, surrounded by their families.  So in my view, neither should that callous killer have been given that luxury.  That wasn’t a decision taken by BP; it was a decision taken by the Scottish government.  We have to accept that under the laws of my country, where power on certain issues is devolved to Scotland, this was a decision for the Scottish Executive, a decision that they took. 

I know that Senator Kerry’s committee is looking into these issues.  My government will engage constructively with those hearings.  And, indeed, my foreign secretary has already set out the government’s position.

So let me thank you again, Barack, for hosting me today.  While at the World Cup, our teams could only manage a score draw. I believe our relationship can be a win-win.  And, yes, I did enjoy drinking the 312 beer -- cold -- during the World Cup.  (Laughter.)  I enjoyed it so much that when I watched Germany beat Argentina, I actually cheered for Germany.  That's something that's a big admission for a British person to make, so the beer is obviously very effective.  (Laughter.)

But what you -- what you said, Barack, though, about British and America soldiers fighting together, sometimes dying together, serving together, is absolutely right.  And we should never forget that -- whether it’s on the beaches of Normandy, whether it’s in Korea, whether in Iraq, or whether now in Afghanistan.

Our relationship is on that has an incredibly rich history. It is based on ties of culture and history and, yes, emotion, too.  But for all those things, I think it has also an incredibly strong future that is based on results -- results of a positive partnership of working together, agreeing where we agree; when we have disagreements, working through them and coming to a fair conclusion.  It’s a partnership that I profoundly want to make work as well as it possibly can in the years that I’m Prime Minister of Britain and with you as President of the United States. 

So thank you again for welcoming me here today.

PRESIDENT OBAMA:  Thank you, David. 

With that, we’re going to take a few questions.  And I’m going to start with Mimi Hall of USA Today.

Q    Thank you, Mr. President and Mr. Prime Minister.  I wanted to ask you a little bit more about BP.  You mentioned, Mr. Prime Minister, your decision to cooperate, et cetera, but you said we shouldn’t confuse the two.  Have you flatly ruled out opening a government investigation into the events around the release of the bomber? 

And, President Obama, how do you feel about a congressional investigation into this?  Would you like to see that happen, or do you think that confuses the two events?

PRESIDENT OBAMA:  Well, why don’t I start off and I’ll throw it over to David.  I think all of us here in the United States were surprised, disappointed, and angry about the release of the Lockerbie bomber.  And my administration expressed very clearly our objections prior to the decision being made and subsequent to the decision being made.  So we welcome any additional information that will give us insights and a better understanding of why the decision was made.

But I think that the key thing to understand here is that we’ve got a British Prime Minister who shares our anger over the decision, who also objects to how it played out.  And so I’m fully supportive of Prime Minister Cameron’s efforts to gain a better understanding of it, to clarify it.  But the bottom line is, is that we all disagreed with it.  It was a bad decision.  And going forward, that has to inform how we approach our relationship with respect to counterterrorism generally.

Now, one of the things that I want to emphasize that I think may get lost in this current debate is the extraordinarily strong ties between our two countries when it comes to fighting terrorism.  We probably have the best coordination and cooperation of any two countries in the world.  And those relationships are vital and they keep people safe on both sides of the Atlantic. 

And I want to make sure that even as we may express concern about what happened with respect to the release of this particular individual, that we stay focused on the cooperation that currently exists and build on that cooperation, to make sure that there is no diminution of our joint efforts to make sure that the kinds of attacks that happened over Lockerbie do not happen again.

PRIME MINISTER CAMERON:  Well, I agree with actually what’s been said about the importance of the security cooperation -- something we discussed today.  On Megrahi, look, I'm not standing here today and saying it was a bad decision to release Megrahi because I'm here.  I said this a year ago, at the time, that it was a bad decision.  It shouldn’t have been made.  The British government, as well, should have been clear that it was a bad decision, rather than going along with it.  I took that very clear view.  This was the biggest mass murderer in British history and there was no business in letting him out of prison.

In terms of an inquiry, there has been an inquiry by the Scottish Parliament into the way the decision was made.  The British government -- the last British government -- released a whole heap of information about this decision.  But I've asked the Cabinet Secretary today to go back through all of the paperwork and see if more needs to be published about the background to this decision.

But in terms of an inquiry, I'm not currently minded that we need to have a U.K.-based inquiry on this -- partly for this reason:  I don't need an inquiry to tell me what was a bad decision.  It was a bad decision.  And if you like, the big fact that's changed over the year that makes it an even worse decision is the fact that, of course, Megrahi is still free, at liberty, in Libya, rather than serving the prison sentence in Scotland, as he should be doing.

So that's what we're going to do, is go back over this information, see if more needs to be published, and of course, in terms of the congressional hearing, make sure that proper cooperation is extended to it.

James Landale.

Q    Just to stay on that subject, if we may.  Mr. Prime Minister, first of all, would you be prepared to talk to your predecessors, Tony Blair and Gordon Brown, to get there agreements to release any documents if they are relevant to the paper search that the Cabinet Secretary will undergo?

And, Mr. President, can I ask you -- the Prime Minister says he opposes an inquiry.  Hillary Clinton has demanded an inquiry. Where do you stand?

PRIME MINISTER CAMERON:  Well, first of all, on the documents, the proper process here is that the Cabinet Secretary should look back over this decision and the circumstances surrounding it, should identify those documents that should be published.  It should be right that ministers in the previous government should be consulted about the publication of those documents.  And, of course, we will consult with them over that.

But in my view, there is absolutely no harm to be done in giving the fullest possible explanation of the circumstances surrounding this decision.  I think the key thing, though, to remember is that in the end it was a decision by the Scottish Executive. 

On the issue of an inquiry, as I said, I'm not currently minded to hold an inquiry because I think publishing this information, combined with the inquiry that has already been, will give people the certainty that they need about the circumstances surrounding this decision.  But the key thing is to get the information out there so people can see.  But I don't think there’s any great mystery here.  There was a decision taken by the Scottish Executive -- in my view, a wholly wrong and misguided decision, a bad decision, but the decision nonetheless. That's what happened.  And I don't think we need an extra inquiry to tell us that that's what happened.  But the information, as I said, will be gone over and published, as appropriate.  And of course, I'll be consulting with previous ministers and prime ministers, as you should do in the normal way.

PRESIDENT OBAMA:  I think the simple answer is we should have all the facts; they should be laid out there.  And I have confidence that Prime Minister Cameron’s government will be cooperative in making sure that the facts are there.  That will not negate the fact that, as the Prime Minister indicated, it was a very poor decision and one that not only ran contrary to, I think, how we should be treating terrorists, but also didn’t reflect the incredible pain that the families who were affected still suffer to this day.  And my administration is in regular contact with these families, and this was a heartbreaking decision for them that reopened a whole host of new wounds. 

So my expectation is, is that the facts will be out there and, as David indicated, with all the facts out, I think we're going to be back to where we are right now, which it was a decision that should not have been made and one that we should learn from going forward.

Laura Meckler.

Q    Thank you.  Mr. President, in your opening statement you referred to the fact that the British government has been taking some very tough steps towards -- to get their budget in order, and you said you had committed to cut the deficit in half. Could you talk about whether you think that those decisions are going to be -- the decisions that they’re making there are going to be needed to be made here on a similar level beyond pledges?

And, Mr. Prime Minister, specifically could you address the matter of what role BP had in lobbying for the release of this man, and whether an inquiry or the review that you’re planning is going to look at that specific question?  Thank you.

PRESIDENT OBAMA:  When I came into office in January of 2009, I was very clear at the time, even before we knew the severity of the recession that we would experience, that we have a structural deficit that is unsustainable, and that for our long-term growth and prosperity we are going to have to get a handle on that.  I talked about that during my campaign.  I talked about it in the days after I was elected.  I talked about it after I had been sworn in.

We had an emergency situation on our hands, and so the entire world, working through the G20, coordinated in making sure that we filled this huge drop-off in demand.  We got the economy growing again.  And we had to take a number of steps, some of which were unpopular and that, yes, added to the short-term deficit.

What I also said at the time was we are then going to make sure, number one, that we pay down whatever additional deficit had been added as a consequence of the Recovery Act and other steps that we had to take last year.  But then we’re still going to have to go back and deal with these long-term structural deficits. 

And, in fact, in the first G20 visit that I made, in April to England, I was very clear to the rest of the world that what they cannot rely on is an economic model in which the United States borrows -- consumers in the United States borrow, we take out home equity loans, we run up credit cards to purchase goods from all around the world.  We cannot alone be the economic engine for the rest of the world’s growth.  So that rebalancing ended up being a central part of our long-term strategy working with the G20.

Now, what we’ve done is we’ve initiated a freeze on our domestic discretionary budget.  We are on the path to cutting our deficits in half.  We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits.  So this isn’t just an empty promise.  We’ve already started taking steps to deal with it, and we’re going to be very aggressive in how we deal with it.

Now, our two countries are in slightly different situations. Their financial situation is slightly different; their levels of debt relative to GDP are somewhat higher.  And as David and I discussed when we saw each other in Toronto, the goal here is the same, and we’re all moving in the same direction.  But there’s going to be differentiation based on the different circumstances of different countries in terms of how they approach it tactically and at what pace. 

But I can assure you this, that my administration is squarely committed not just to dealing with the short-term deficit and debt -- which in some ways is the least troubling aspect of this problem -- what we’re going to have to tackle are some big structural reforms that are going to be tough.  And they're going to be that much tougher because we’re coming out of a recession as we do it.  But I think that as we continue to see economic growth, as we continue to see the economy heal from last year, that the American people are going to want to approach this problem in a serious, realistic way.  We owe it for the next generation. 

And my hope is, is that we’re going to end up getting a bipartisan solution to this thing that is realistic.  And one concern that I have obviously is the politics of deficits and debt.  When I announced that I was in favor of this fiscal commission, at the time I had a number of Republicans who were cosponsors of the legislation who suddenly reversed themselves because -- I suppose -- I supported it. 

And, fortunately, what I’ve seen so far, all the reports from the fiscal commission is that people are serious about this. Both Republicans and Democrats on the commission are taking their task seriously.  I think it’s going to be a good report, but is still going to require some tough choices, and we’re committing to pursuing those tough choices after we get that report.

PRIME MINISTER CAMERON:  Thank you.  You asked about the role of BP.  I mean, the role of BP and any lobbying they might have done is an issue for BP and an issue that they should explain themselves.  I mean, the decision to release Megrahi, though, was a decision made by the Scottish government, and I haven’t seen anything to suggest that the Scottish government were in any way swayed by BP.  They were swayed by their considerations about the need to release him on compassionate grounds -- grounds that I think were completely wrong.  I don’t think it’s right to show compassion to a mass murderer like that. I think it was wrong. 

But it’s a matter for BP to answer what activities they undertook.  But the Scottish government made its decision and has explained its decision on many occasions and I’m sure will explain it again.

I’m very keen that we are clear here that BP should, rightly, be blamed for what has happened in the Gulf, and have real responsibilities to cap the well, to clean up the spill, to pay compensation -- all of which they are getting on with, including putting aside the 20 billion pounds in the escrow account -- $20 billion -- sorry.  I think they’ve made good progress on that and further progress needs to be made.

I think it’s important to separate that from the decision to release al-Megrahi, which, as I say, was a decision made by the Scottish government and, as so far has been shown in investigations by the Scottish parliament, was a decision which I wholly disagree with but, nonetheless, was taken in an appropriate way.

I think we have a question from Tom Bradby.

Q    Mr. President, Tom Bradby, ITV News.  Quite a lot of people in the U.K. feel that your determination as a country to continue to push for the extradition of computer hacker and  Asperger’s sufferer, Gary McKinnon is disproportionate and somewhat harsh.  Do you think it is time now to consider some leniency in this case?

And, Prime Minister, you’ve expressed very strong views on this matter, suggesting that Mr. McKinnon shouldn’t be extradited.  Your Deputy Prime Minister has expressed even stronger views.  Did you discuss that with the President today?  And if not, would now be a good moment to share your views with us once again?

PRIME MINISTER CAMERON:  Shall I go?

PRESIDENT OBAMA:  Please, go ahead.

PRIME MINISTER CAMERON:  It is something that we discussed in our meeting.  I mean, clearly there’s a discussion going on between the British and the Americans about this, and I don't want to prejudice those discussions.  We completely understand that Gary McKinnon stands accused of a very important and significant crime in terms of hacking into vital databases.  And nobody denies that that is an important crime that has to be considered.  But I have had conversations with the U.S. ambassador, as well as raising it today with the President, about this issue, and I hope a way through can be found.

PRESIDENT OBAMA:  Well, one of the things that David and I discussed was the increasing challenge that we’re going to face as a consequence of the Internet and the need for us to cooperate extensively on issues of cybersecurity.

We had a brief discussion about the fact that although there may still be efforts to send in spies and try to obtain state secrets through traditional Cold War methods, the truth of the matter is these days, where we’re going to see enormous vulnerability when it comes to information is going to be through these kind of breaches in our information systems.  So we take this very seriously.  And I know that the British government does, as well.

Beyond that, one of the traditions we have is the President doesn’t get involved in decisions around prosecutions, extradition matters.  So what I expect is that my team will follow the law, but they will also coordinate closely with what we’ve just stated is an ally that is unparalleled in terms of our cooperative relationship.  And I trust that this will get resolved in a way that underscores the seriousness of the issue, but also underscores the fact that we work together and we can find an appropriate solution.

All right?  Thank you very much, everybody.

PRIME MINISTER CAMERON:  Thank you very much.

END
2:31 P.M. EDT

The White House

Office of the Press Secretary

Remarks by the President at White House Music Series Event Saluting Broadway

East Room

7:15 P.M. EDT

THE PRESIDENT:  Thank you, everybody.  Everybody, please have a seat.  Let’s put on a show.  (Laughter.)  Welcome to the White House.  I am just thrilled, and I know Michelle is thrilled, to host the sixth in a series of evenings celebrating the music that helped to shape America. 

Now, so far we have heard from some of the biggest names in jazz, in country, in Latin, classical, and the music of the civil rights movement.  And tonight we are honored to be joined by some of the biggest and brightest stars on Broadway.

And I notice -- I should just point out that I see a lot of members of the New York delegation here.  (Laughter.)  They take great pride in Broadway.  I want to start by thanking George C. Wolfe and Margo Lion for making this event possible.  So please give them a big round of applause.  (Applause.)  And I want to thank all of tonight’s performers for sharing their gifts with us.  They are just so generous with their time, and this will be a wonderful evening.

I also want to recognize my outstanding Secretary of Labor, Hilda Solis, who is in the house.  Here she is right here.  (Applause.)  As well as the other members of the administration  -- thank you guys for the hard work you do each and every day.  

Thank you to the National Endowment for the Arts, and the President’s Council on the Arts and the Humanities for their continued support.

And I finally want to recognize Jerry Mitchell and everybody who participated in the dance workshop earlier this afternoon and helped inspire the next generation of performers -- as well as my wife -- to do a few dances.  (Laughter.)  She was showing off backstage.

Now, as we’re about to see this evening, there’s nothing quite like the power and the passion of Broadway music.  At its heart, it’s the power of a story -– of love and of heartbreak; of joy and sorrow; singing witches, dancing ogres.  Musicals carry us to a different time and place, but in the end, they also teach us a little bit of something about ourselves.  It’s one of the few genres of music that can inspire the same passion in an eight-year-old that it can an 80-year-old –- and make them both want to get up and dance.  It transcends musical tastes, from opera and classical to rock and hip-hop.  And whether we want to admit it or not, we all have the lyrics to a few Broadway songs stuck in our heads.  (Laughter.)   

In many ways, the story of Broadway is also intertwined with the story if America.  Some of the greatest singers and songwriters Broadway has ever known came to this country on a boat with nothing more than an idea in their head and a song in their heart.  And they succeeded the same way that so many immigrants have succeeded -– through talent and hard work and sheer determination.

Over the years, musicals have also been at the forefront of our social consciousness, challenging stereotypes, shaping our opinions about race and religion, death and disease, power and politics. 

But perhaps the most American part of this truly American art form is its optimism.  Broadway music calls us to see the best in ourselves and in the world around us -– to believe that no matter how hopeless things may seem, the nice guy can still get the girl, the hero can still triumph over evil, and a brighter day can be waiting just around the bend.

As the great Mel Brooks once said, musicals “blow the dust off your soul.”  So to everyone watching, both here and at home, here’s a taste of Broadway to help us do just that.

Thank you very much, everybody.  (Applause.)

END
7:19 P.M. EDT

The White House

Office of the Press Secretary

Presidente Obama Hace un LLamado a los Republicanos para que Dejen de Bloquear el Seguro por Desempleo, Insta al Congreso a que Apruebe Ayuda Cucial para Mllones de Etadounidenses

 

WASHINGTON – Hoy, el Presidente Obama hizo un llamado al Congreso para que extienda el crucial seguro por desempleo para millones de estadounidenses que buscan trabajo. El martes, el Senado de Estados Unidos votará para extender el seguro por desempleo para los estadounidenses que aún tienen dificultad para encontrar trabajo y superar los efectos que persisten de la recesión. En los tres esfuerzos previos, los republicanos del Senado han bloqueado la extensión de ayuda de emergencia para los desempleados. En todo el país, este obstruccionismo ya está bloqueando la ayuda a 2.5 millones de estadounidenses, y cientos de miles más se ven impactados por cada semana adicional de retraso.

El Presidente también destacó que muchos republicanos han apoyado previamente las extensiones de seguro por desempleo con gobiernos republicanos pero ahora se rehúsan a ofrecer ayuda a las familias de la clase media. Muchos de estos republicanos quieren otorgar recortes tributarios por cientos de miles de millones de dólares para los estadounidenses más ricos mientras les dicen a las familias trabajadoras que no pueden darse el lujo de ayudarlas cuando más lo necesitan.

En la Casa Blanca, acompañaron al Presidente y compartieron su historia tres estadounidenses que necesitan dicha extensión:

• Jim Chukalas, de Fredon Township, NJ, en un recorte de personal perdió su puesto de administrador de repuestos en un concesionario de Honda en el 2008. Se le agotaron los beneficios del Nivel III y los del Nivel IV se vencieron hace dos semanas porque el Congreso no hizo nada al respecto. Jim ha buscado trabajo persistentemente y se esfuerza por mantener el ánimo por el bien de su familia.

• Leslie Macko, de Charlottesville, VA, perdió su trabajo como esteticista en el 2009. Recibió y agotó los beneficios de compensación por desempleo de Virginia. También ha agotado sus beneficios de Nivel I y recibió las 4.9 semanas de compensación de emergencia por desempleo de Nivel II que podía recibir. Sin embargo, ha habido un retraso de seis semanas en los beneficios del Nivel II y una vez que los reciba, no tendrá derecho a más beneficios por desempleo. Continúa buscando trabajo persistentemente. Para pagar su alquiler, servicios públicos, alimentos y otros gastos, ha tenido que pedirle dinero prestado a su padre mensualmente.

• Denise Gibson de Queens, NY, en un recorte de personal en enero perdió su empleo como supervisora de mantenimiento y desde febrero viene recibiendo beneficios de seguro por desempleo. Recibirá beneficios solamente hasta agosto, a no ser que se apruebe una extensión. Actualmente está retrasada con el pago de alquiler y debe volver al tribunal de vivienda a comienzos de agosto. Está acudiendo a entrevistas de trabajo y planea estudiar enfermería este año.

A continuación, la versión preparada de las declaraciones del Presidente:

Declaraciones del Presidente Barack Obama – Versión preparada

Buenos días. En este momento en todo el país, muchos estadounidenses están sentados en la mesa de la cocina ante los anuncios clasificados, actualizando su currículo o enviando otra solicitud de trabajo, con la esperanza de esta vez tener una respuesta. Los embarga la incertidumbre de no saber de dónde vendrá su próximo cheque de pago. Y sé que lo único que los librará de esas preocupaciones –lo único que acabará con esa incertidumbre– es la seguridad de un nuevo empleo.

Con ese fin, debemos continuar nuestros esfuerzos por hacer lo posible para propiciar el crecimiento y la contratación de personal. Y espero que el Senado tome una decisión esta semana sobre un conjunto de recortes tributarios y mayores préstamos a pequeñas empresas, donde se genera gran parte de los empleos de Estados Unidos.

Pero incluso mientras nos esforzamos por impulsar la generación de empleo en el sector privado, hacer que las empresas contraten personal y salir de este hoyo económico, también tenemos otra responsabilidad: ofrecer ayuda de emergencia a los estadounidenses que fueron víctimas de recortes de personal durante esta recesión; ayudarlos a que les alcance el dinero –y mantengan a sus familias– mientras buscan otro trabajo.

Por eso es esencial que se apruebe la extensión del seguro por desempleo que se someterá a votación mañana. Debemos aprobarla por el bien de personas como Jim Chukalas, que está conmigo hoy y que trabajó como gerente de repuestos en un concesionario de Honda hasta hace dos años. Jim ha enviado su currículo a todas partes e incluso ha ido de puerta en puerta en busca de empleo, pero no ha tenido una sola entrevista. Está tratando de ser fuerte, por el bien de sus dos hijitos, pero ahora que ha agotado sus beneficios por desempleo, se le está haciendo más difícil hacerlo.

Debemos aprobarla por el bien de personas como Leslie Macko, que perdió su empleo en un gimnasio el año pasado y busca trabajo desde entonces. Debido a que sólo reúne los requisitos para unas cuantas semanas más de pagos por desempleo, está haciendo lo que nunca pensó que tendría que hacer. Por lo menos no a estas alturas. Está recurriendo a su padre para recibir ayuda económica.

Debemos aprobarlo por el bien de estadounidenses como Denise Gibson, cuyo puesto en una agencia de bienes raíces fue eliminado este año. Denise ha estado yendo a entrevistas de trabajo, pero hasta ahora, nada. Mientras tanto, está cada vez más retrasada con sus pagos de alquiler. Y ahora que sus beneficios por desempleo están por vencerse, le preocupa lo que le depara el futuro.

Debemos aprobarla por el bien de todos los estadounidenses que no han podido encontrar empleo en una economía donde hay cinco solicitantes por cada puesto vacante; que necesitan ayuda de emergencia para que los ayude a pagar el alquiler, los servicios públicos y la comida que ponen sobre la mesa, mientras buscan otro trabajo. Durante mucho tiempo, ha existido la tradición –durante presidencias tanto demócratas como republicanas– de ofrecerles ayuda a los desempleados. Ése, desde luego, fue el caso con mi predecesor cuando los senadores republicanos votaron varias veces para prolongar los beneficios de emergencia por desempleo.

Pero en este momento, estos beneficios que a menudo son la única fuente de ingresos de las personas mientras están desempleadas, están en peligro. Tras años de promover medidas de política que convirtieron un superávit récord en un déficit enorme, la misma gente que no tenía ningún problema en gastar miles de millones en recortes tributarios para los estadounidenses más ricos ahora dice que no debemos ofrecerles ayuda a estadounidenses de clase media como Jim, Leslie o Denise, que realmente necesitan ayuda.

En las últimas semanas, una mayoría de los senadores ha tratado –no una, no dos sino tres veces– de prolongar la ayuda de emergencia temporalmente. Y cada vez, una minoría partidista en el Senado ha recurrido a maniobras parlamentarias para bloquear la votación, negándoles ayuda muy necesaria a millones de personas que están sin trabajo. Líderes republicanos en el Senado están promoviendo una noción equivocada de que la ayuda de emergencia de alguna manera desincentiva a que la gente busque trabajo.

Bueno, pienso que eso refleja una falta de fe en el pueblo estadounidense. Los estadounidenses que me escriben cartas y que conocí en asambleas públicas – estadounidenses como los presentes aquí hoy– no buscan dádivas. No es que no quieran trabajar. Quieren hacerlo desesperadamente. Simplemente no pueden encontrar trabajo. Son gente honrada, decente, trabajadora que está pasando por un mal momento por razones ajenas; que no tiene a quién más recurrir excepto al seguro por desempleo; que necesita ayuda de emergencia para poder sobrellevar esta tormenta económica.

Mañana, tendremos otra oportunidad de ofrecerles ayuda; de cumplir con gente como Jim, Leslie y Denise, y espero que la aprovechemos. Es hora de que la politiquería de Washington deje de ensañarse en quienes perdieron el empleo en esta recesión. Es hora de hacer lo correcto, no para las próximas elecciones sino para la clase media. Es hora de dejar de bloquear la ayuda de emergencia para estadounidenses que están sin trabajo y prolongar el seguro por desempleo. Y eso es lo que espero que hagan los miembros del Congreso de ambos partidos. Gracias.

 

INFORMACIÓN DE TRASFONDO ADICIONAL
Las cláusulas del seguro federal por desempleo se vencieron el 4 de junio. La negativa de los republicanos de hacer algo al respecto ya ha bloqueado la ayuda a 2.5 millones de estadounidenses, y cientos de miles más se verán impactados por cada semana adicional de retraso.

También hay un imperativo económico para prolongar dichos beneficios. Evaluaciones independientes de la Federación Nacional de Empresas Independientes (National Federation of Independent Businesses) y una encuesta por la Universidad de Duke/la revista CFO mencionaron inquietudes sobre ventas y poca demanda de productos como las mayores inquietudes expresadas por las pequeñas empresas y funcionarios financieros de corporaciones. La encuesta de Duke determinó que 36.4 por ciento de los CFO consideran que la limitada demanda de los consumidores es el mayor problema macroeconómico de su empresa, en lo que resultó ser, entre las inquietudes mencionadas, 18 puntos porcentuales más alta que cualquier otra.

Prolongar los beneficios por desempleo aumenta el poder adquisitivo local. El economista Mark Zandi de Moody’s Economy.com calculó que el efecto multiplicador de otorgar seguro por desempleo es de 1.6, lo que significa que por cada dólar gastado en compensación por desempleo, se agrega $1.60 a la producción de nuestra economía. De manera similar, la Oficina de Presupuesto del Congreso (Congressional Budget Office), entidad no partidista, calcula que el factor es de 0.8 a 2.1.
 

The White House

Office of the Press Secretary

Remarks by the President in Honor of the WNBA Champion Phoenix Mercury

State Dining Room

1:43 P.M. EDT

THE PRESIDENT:  All right, everybody, have a seat now, have a seat.  Well, it is just wonderful to welcome all of you here to the White House.  And congratulations to the Phoenix Mercury on winning your second WNBA title in the last three years.  (Applause.)

Now, I noticed my Department of Homeland Security Secretary -- (laughter) -- is kind of horning in on our event here.  (Laughter.)  She has been a huge fan of Mercury ever since her days as governor of Arizona.  She’s -- I didn’t know you’d been a guest coach.  That is cool.  Did you guys win that game?  Nice, nice, nice.  So I’m impressed.

I want to congratulate head coach Corey Gaines.  He won a ring as assistant coach -- now he’s got a ring as head coach.  So congratulations.  (Applause.)

I know how much hard work goes into a championship -- (reacts to a noise) -- you guys all right back there?  (Laughter.)  I know how much hard work goes into a championship season.  But I hear that one of the real keys to the Mercury’s title is sitting in the audience.  For those of you who don’t know, assistant coach Julie Hairgrove and her kids are the lucky charms of this team.  Where are they?  Sleeping?  Not that excited to see the President.  (Laughter.)

My understanding, when the Mercury won their first title in 2007, Julie was pregnant with her second child.  Where’s Julie by the way?  Nice.  When they won their second title, Julie was pregnant with her third child, Grace, who’s now three months old.  And I understand the team is trying to talk Julie and her husband into their fourth.  (Laughter.)  One more?  (Laughter.)

But beyond your lucky charms, the sacrifice, the dedication, and the heart that all of you have put into this sport is obvious.  Team captain Diana Taurasi was named regular season and WNBA Finals MVP this year.  That’s pretty good.  (Applause.)  Last week, she won the ESPY Award for Best WNBA Player of 2010.  Congratulations.  (Applause.)  

Tangela Smith became only the fourth player in WNBA history to score 4,500 career points and rack up 2,000 rebounds.  Congratulations, Tangela.  (Applause.)  Nice!  Nice!

But this is a true team.  When Diana was named Finals MVP, she turned around and gave the trophy to her teammates.  She said, “It’s not one player that makes an MVP.  It never has been…and it never will be.”

And this team set a new WNBA scoring record with 92.8 points per game.  They made their way onto a box of Wheaties, I understand.  (Laughter.)  But they have managed to keep themselves pretty grounded.  I hear that rookies Taylor Lilley and Sequoia Holmes are still doing luggage duty -- is that true? (Laughter.)  You guys didn’t even -- (laughter) -- rooks, huh?  That’s rough.  That’s rough.  (Laughter.)

This team also goes above and beyond in serving the Phoenix community -– from putting on basketball camps for children of veterans to collecting clothes for the homeless.  And today, they’re bringing that commitment here to the White House.  After we’re done here, they’ll be holding a clinic as part of Michelle’s “Let’s Move!” initiative to help our young people live healthy and active lives.

So I want to thank all of you guys for your extraordinary service as well as your championship spirit.  And I want to thank you for setting a wonderful example -- because I live with three tall, good-looking women -- (laughter) -- who are quite competitive and push me around under the boards all the time.  (Laughter.)  But I want Malia and Sasha to know that there is absolutely no contradiction between women who are beautiful and healthy and contributing, and good athletes and competitive.  And when they see you guys every day, that helps them in a way that  -- I think if you heard from Michelle, sometimes she feels like when she was coming up she didn’t always have that.  And I think that is just so important to everybody.

So as a basketball fan, I congratulate you on your second championship.  As a father, I thank you for being great role models.  And good luck with the rest of the season.  All right.  (Applause.)   

END
1:50 P.M. EDT