 |
President
Barack Obama answers a question during a news conference
at the White House, October 6, 2011. (Credit: Reuters/Jason Reed) |
(Reuters) -
President Barack Obama launched a broad onslaught against banks on Thursday,
tapping into public anger over rising fees to garner populist support ahead of
his 2012 re-election campaign.
Obama, a
Democrat who is pressing his case for re-election with unemployment stuck above
9 percent, said his Republican opponents' primary plan to boost the economy
involved rolling back financial reforms his administration fought to pass.
Obama spoke
at a White House news conference after thousands of anti-Wall Street
demonstrators protested at New York's financial district and in several U.S.
cities this week against economic inequality and the power of U.S. financial
institutions.
"I
think people are frustrated and the protesters are giving voice to a more
broad-based suspicion about how our financial system works," Obama told
reporters.
Obama said
his so-called "Dodd-Frank" financial reform bill was designed to
prevent Wall Street abuses, and his emphasis on the subject indicated he would
use that theme heavily in the 2012 presidential race.
"For
us to have a healthy financial system, that requires that banks and other
financial institution systems compete on the basis of the best service and the
best products and the best price," Obama said.
"And
it can't be competing on the basis of hidden fees, deceptive practices or
derivative cocktails that nobody understands and that expose the entire economy
to enormous risks. That's what Dodd-Frank was designed to do."
Obama said
the recent hikes in fees charged by U.S. banks were not a good practice and
were likely unfair for consumers.
He said in
some cases banks may be jacking up fees because other charges have been
prohibited, which is not a "good practice," and "not necessarily
fair to consumers."
The
president said banks can charge what they like as long as there is
accountability and transparency, and that it is appropriate for the government
to play an oversight role.
Though
criticizing Wall Street can tap into populist support, it could hurt Obama's
campaign pocketbook. Like other presidential candidates, Obama is courting Wall
Street contributions for his political goals.
(Reporting
by Jeff Mason, Alister Bull, John O'Callahgan, Kim Dixon, Jason Lange and
Malathi Nayak; editing by Philip Barbara)
Related Articles:
 |
| Other protests have been held in Boston, Los Angeles and Chicago |
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.