The President overcame furious lobbying by big banks to pass the most far reaching reform of Wall Street in history, which will prevent the excessive risk-taking that led to the financial crisis while providing common-sense protections to American families for their mortgages and credit cards. The law created the Consumer Financial Protection Bureau to prevent mortgage companies and pay-day lenders from exploiting consumers.
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For decades, rising health care costs have hurt American competitiveness, and forced too many individuals into bankruptcy to get their families the care they need. That’s why President Obama took on the insurance companies to pass comprehensive health insurance reform, giving Americans the security of knowing that insurance companies will be required to cover preventive care, can’t drop them if they get sick, and won’t be able to bill them into bankruptcy because of an illness or injury.
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To create true middle class security, we need to out-educate the competition. That’s why President Obama set the goal that by 2020, the United States will once again have the highest proportion of college graduates in the world, and has fought to lower the cost of college for parents and students by passing a tax credit worth up to $10,000 and making Pell Grant awards larger and more widely available. And he reformed the student loan system, ending government subsidies for banks and using the savings to help more Americans afford their loan payments.
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The housing market suffered a dramatic collapse caused by irresponsible lenders who tricked buyers into signing subprime loans and in some cases irresponsible homeowners who took out loans they knew they could not afford. To address this crisis, President Obama and his Administration have taken a broad set of actions to stabilize the housing market and help responsible American homeowners.
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