Obama Banks Speech Video 1-21-10: Address on The Volcker Rule

Obama signs directive to crack down on tax cheats in Washington

Here is the Obama Banks speech video and transcript from Thurs. Jan. 21, 2010. President Barack Obama proposed new legislation, the Volcker Rule, to impose restrictions on both the size and scope of financial institutions in order to restrict excessive risk-taking and thereby help prevent future economic crises and resultant bailouts of banks considered “too big to fail.” It is so named after Paul Volcker, formerly the Federal Reserve Chairman and presently the President’s Economic Recovery Advisory Board Chairman.

Obama delivered the address at the Diplomatic Reception Room at the White House, flanked by Volcker and members of the aforementioned advisory board. In laying out the rationale for the new legislation, he said: “My resolve to reform the system is only strengthened when I see a return to old practices at some of the very firms fighting reform; and when I see record profits at some of the very firms claiming that they cannot lend more to small business, cannot keep credit card rates low and cannot refund taxpayers for the bailout. It is exactly this kind of irresponsibility that makes clear reform is necessary.”

Here is the full Obama banks speech transcript text from Thurs. Jan. 21, 2010. Video is below.

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Obama Banks Speech Video 1-21-10: Address on The Volcker Rule

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