President Barack Obama says he hopes “it doesn’t take too long” for Congress to approve new authority to oversee financial firms — and even take them over by the Federal Government if they are in economic trouble.
The president made the remark in the Oval office Tuesday afternoon, March 24, 2009.
The administration is pushing the idea of an overarching regulator, such as the Federal Reserve, to have the ability to take over nonbank financial entities whose failure could topple the entire financial system.
Congress has gotten us into trouble recently by rushing through important legislation or hearings.
The congress held no hearing on the president’s stimulus spending measure — with many member saying they didn’t have time to read it.
The stimulus assured AIG that it had the authority to pay bonuses.
Then the House last week rushed to vote a 90% tax on those same bonuses….an idea that could be unconstitutional…. and is certainly questionable….
Most fast legislation is very bad legislation, in our experience….
US President Barack Obama (R) speaks with Australian Prime Minister Kevin Rudd in the Oval Office of the White House in Washington, DC. Obama said Tuesday he hoped to partner with Rudd for “years to come” after forging a “meeting of the minds” in their first White House talks. During this meeting, Obama told reporters, he hopes “it doesn’t take too long” for Congress to approve new authority to oversee financial firms .(AFP/Jim Watson)