President Barack Obama went to Wall Street on the one-year anniversary of the Lehman Brothers collapse to make a push for greater regulation of the financial industry.
He’s proposing creating a “resolution authority” to end the concept that some firms are “too big to fail.” And Obama is hoping that financial regulatory reform gets passed this year.
Obama had some words for those who defend the status quo or argue for less regulation. “There will be those who engage in revisionist history or have selective memories, and don’t seem to recall what we just went through last year,” he said.
Some critics say reform is needed, but Obama’s plan is just not the right prescription for what ails the financial industry.
Mark Calabria, director of financial regulation studies at Cato Institute, says Obama’s plan would “make bailouts a permanent feature of the regulatory landscape.”