Yesterday, President Obama spoke to an audience that included many individuals from the financial sector about reforming Wall Street and financial institutions:

“As I said on this stage two years ago, I believe in the power of the free market.  I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings.  That’s part of what has made America what it is.  But a free market was never meant to be a free license to take whatever you can get, however you can get it.  That’s what happened too often in the years leading up to this crisis.  Some — and let me be clear, not all — but some on Wall Street forgot that behind every dollar traded or leveraged there’s family looking to buy a house, or pay for an education, open a business, save for retirement.  What happens on Wall Street has real consequences across the country, across our economy.”

The President applauded the House for having passed reforms, and the Senate for working through their own version, despite “the furious effort of industry lobbyists to shape this legislation to their special interests.”

Main Goals of Wall Street Reform:

1)Protect the financial system and the broader economy and American taxpayers in the event that a large financial firm begins to fail
2)Bring new transparency to many financial markets
3)Enact the strongest consumer financial protections ever
4)Give shareholders new power in the financial system, they will get a say on pay, a voice with respect to the salaries and bonuses awarded to top executives

What do you think?

via: White House

For further coverage of the Wall Street Reform check out this video via Newsy.com (they analyze and synthesize news coverage from multiple sources. Its unique method of showing how different media cover the news helps viewers better understand complex stories) :