President Barack Obama says pending financial overhaul legislation would empower consumers and bring back-room investment deals "into the light of day."
The President pushed for passage of the bill today in his weekly radio and Internet address. He says the legislation would also curb predatory lending practices, prevent banks from taking on too much risk and give shareholders more of a say.
Mr. Obama says "Wall Street reform will bring greater security to folks on Main Street."
The sweeping rewrite of the rules governing Wall Street could be voted on in the Senate as early as next week. The bill would then have to be merged with the House version.
The legislation would set up a mechanism to watch out for risks in the financial system, create a method to liquidate large failing firms and create a new consumer protection agency, a key point for the President.
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