It’s Official, Obama Signs Financial Reform Into Law
With a few strokes of several pens, President Barack Obama achieved his second major legislative accomplishment today, signing the Dodd-Frank Wall Street Reform and Consumer Protection Act into law.
Addressing an audience of roughly 400 stakeholders, lawmakers and members of the public, the President praised the architects of the legislation, Sen. Chris Dodd (D-Conn.) and Rep. Barney Frank (D-Mass.). He reiterated many of the same talking points he has used to garner support for the bill, and softly chided Republicans for delaying the bill’s passage.
“Passing this bill was no easy task,” he said. “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.”
However, Mr. Obama did thank Republican Senators Scott Brown (R-Mass.), Olympia Snowe (R-Maine) and Susan Collins (R-Maine), the only three members of the GOP to vote for the bill.
Throughout his remarks, the President noted what a long journey getting financial reform passed had been. In fact, Mr. Obama spoke about the need to fix the financial system as early as June of last year, and the House passed its version of the bill last December. Yet, progress stalled in the Senate, mainly due to the fact that Democrats could not muster 60 votes in support.
Republicans and other business groups, notably the U.S. Chamber of Commerce and the National Federation of Independent Businesses, opposed the legislation on the grounds that it would expand the reach and size of the federal government, and would over-regulate the market. Additionally, some conservative Democrats, including Ben Nelson (D-Neb.), expressed concerns over a proposed Consumer Protection Bureau.
However, Snowe and Collins threw their support behind the bill after they were able to secure favorable language for small businesses in their state, and Brown came aboard after getting Dodd to agree to strike a $18 billion dollar fee on big banks.
Sherrod Puts Ball In Obama's Court
Former U.S. Department of Agriculture (USDA) employee Shirley Sherrod, forced to resign this week after a video was leaked to the press that appeared to show her making racially biased remarks, told ABC’s Good Morning America today that she is not sure whether she has the full support of President Barack Obama.
“I can’t say that the President is fully behind me,” Sherrod told anchor George Stephanopoulos. “I would hope that he is…I would love to talk to him,” she added.
USDA Secretary Tom Vilsack told reporters yesterday that he acted alone in making the decision to fire Sherrod. However, she told Stephanopoulos this morning that this was not the case.
“The first call I received said, ‘We’re putting you on administrative leave’….The next call was, ‘Shirley, we’re going to have to ask you to resign.’ And then, ‘The White House wants you to resign.’”
Yesterday, White House Press Secretary Robert Gibbs issued a formal apology to Sherrod, and new reports suggested that the President was putting pressure on Vilsack to offer Sherrod her job back, which he did.