Obama warns GOP not to undo Wall Street law
WASHINGTON – President Barack Obama is warning congressional Republicans not to undo financial regulations he signed two years ago, taking specific note of the work of a consumer agency created by the new law.
In his Internet and radio address Saturday, Obama drew attention to the Consumer Financial Protection Bureau, noting that it and other regulators recently cracked down on three credit card companies, ordering them to pay $400 million to people who were misled into making purchases they didn't want.
"Sadly, that hasn't been enough to stop Republicans in Congress from fighting these reforms," Obama said. "Backed by an army of financial industry lobbyists, they've been waging an all-out battle to delay, defund and dismantle these new rules."
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