Obama Touts Bank Reforms; GOP Hits Senate Inaction

By: Associated Press Email
By: Associated Press Email

President Barack Obama is making a pitch for banking reform, pointing to a multi-billion-dollar trading loss at JPMorgan Chase as a symptom of practices that he says led to the financial meltdown in 2008.

In his weekly radio and Internet address, Obama touted rules that would require big banks or financial institutions to have more cash on hand to cover losses and that would take away big bonuses and paydays from failed CEOs.

The president says it would discourage big banks and financial institutions "from making risky bets with taxpayer-insured money" as well encouraging actions to help the economy.

For the Republicans, Wisconsin Sen. Ron Johnson faulted what he called a "do-nothing Senate" under Democratic Majority Leader Harry Reid.

Noting that the Senate hasn't passed a budget in three years, Johnson said House Republicans have fulfilled their responsibilities but that Senate Democrats have not fulfilled theirs.

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