WASHINGTON – Aiming squarely at Republican critics of Wall Street reform, President Barack Obama said Saturday that investment bank JPMorgan’s stunning $2 billion loss serves as a reminder of the importance of Washington’s role in preventing another financial crisis.
The 2010 financial overhaul law counts among Obama’s signature legislative achievements, but it continues to come under attack by Republicans in Congress and on the campaign trail, including likely presidential nominee Mitt Romney, as an example of govenment overreach.
“It’s so important that members of Congress stand on the side of reform, not against it, because we can’t afford to go back to an era of weak regulation and little oversight, where excessive risk-taking on Wall Street and a lack of basic oversight in Washington nearly destroyed our economy,” Obama said in his weekly radio address. “We can’t afford to go back to that brand of ‘you’re-on-your-own’ economics.”
Is the 2010 Dodd-Frank law an example of the White House’s over-regulation of private markets?