President Barack Obama took another swipe at lobbyists for the financial sector today in a speech to the Business Roundtable, when he urged business leaders to support his effort to rework financial regulations. Heres an excerpt from his remarks:
We cannot repeat the mistakes of the past. We cannot allow another AIG or another Lehman to happen again. We cant allow financial institutions, including those that take your deposits, to make gambles that threaten the whole economy. We must ensure consolidated supervision of all institutions that could pose a risk to the system. We must close loopholes that allow financial firms to evade oversight and circumvent rules of the road. And we need robust consumer and investor protections.
I ask the members of the Business Roundtable to support these efforts. The lobbyists up on the Hill right now are trying to kill reform by claiming that it would undermine businesses outside the financial sector. That couldnt be further from the truth. This is about putting in place rules that encourage drive and innovation instead of short-cuts and abuse. And those are rules that will benefit everyone.