Remarks at “Christmas in Washington” December 13, 2009
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Dec. 12 / Administration of Barack Obama, 2009 like credit cards and debit cards, mortgage and Yesterday the House passed comprehensive auto and payday loans. reform legislation that incorporates many of These are all commonsense reforms that re- the essential changes we need, and the Senate spond to the obvious problems exposed by the Banking Committee is working on its own financial crisis. But as we’ve learned so many package of reforms. I urge both Houses to act times before, common sense doesn’t always as quickly as possible to pass real reform that prevail in Washington. restores free and fair markets, in which reck- Just this week, Republican leaders in the lessness and greed are thwarted and hard House summoned more than 100 key lobbyists work, responsibility, and competition are re- for the financial industry to a pep rally and warded, reforms that work for businesses, in- urged them to redouble their efforts to block vestors, and consumers alike. meaningful financial reform. Not that they That’s how we’ll keep our economy and our needed the encouragement. The industry has institutions strong. That’s how we’ll restore a already spent more than $300 million on lob- sense of responsibility and accountability to bying to influence the debate this year. The special interests and their agents in both Wall Street and Washington. And that’s Congress claim that reforms like the consumer how we’ll safeguard everything the American financial protection agency will stifle consum- people are working so hard to build: a broad- er choice and that updated rules and oversight based recovery, a lasting prosperity, and a re- will frustrate innovation in the financial mar- newed American Dream. Thanks. kets. But Americans don’t choose to be victim- ized by mysterious fees and changing terms NOTE: The address was recorded at approxi- and pages and pages of fine print. And while mately 1:30 p.m. on December 11 in the Dip- innovation should be encouraged, risky lomatic Reception Room at the White House schemes that threaten our entire economy for broadcast on December 12. The transcript should not. We can’t afford to let the same was made available by the Office of the Press phony arguments and bad habits of Washing- Secretary on December 11, but was embar- ton kill financial reform and leave American goed for release until 6 a.m. on December 12. consumers and our economy vulnerable to an- The Office of the Press Secretary also released other meltdown. a Spanish language transcript of this address. Remarks at “Christmas in Washington” December 13, 2009 The President. Thank you very much. Thank this historic and beautiful National Building you. Please, everybody, have a seat. Good eve- Museum and for bringing this celebration to ning, and merry Christmas. Thank you, our fellow Americans. George Lopez. Thank you to all the incredible For many of your families, this is a holiday performers for sharing your wonderful holiday tradition, the 28th “Christmas in Washington” spirit with us this evening: Mary J. Blige, Neil celebration. For our family, this is our first Diamond, Sugarland, Rob Thomas, Usher, Christmas in the White House. And Michelle and Justin Bieber—— and I are honored to be with you. And I know First Lady Michelle Obama. Bieber. that Malia, Sasha, and my mother-in-law, Mar- The President. Bieber—[laughter]—he was ian Robinson, want to wish you all a wonderful just discovered—[laughter]—the American holiday, and I’m sure they’re watching here at Family Choir, and the Washington Youth home this evening. Choir and the United States Army Herald This season we celebrate that sacred mo- Trumpets. ment, the birth of a child and the message of And to the producers and crew behind the love He would preach to the world: That we scenes, thank you for bringing us together at are our brother’s keeper; that we are our 1808 Administration of Barack Obama, 2009 / Dec. 14 sister’s keeper; that “pure in heart,” we do unto vent wish remains, this season and all seasons, others as we would have them do unto us; that let there be peace on Earth. we devote ourselves to “good works”; that we To all Americans, from our family to yours, are summoned to be peacemakers. merry Christmas, and God bless you. More than 2,000 years later, that spirit still inspires us. It’s why this celebration tonight NOTE: The President spoke at approximately 7 benefits the Children’s National Medical Cen- p.m. at the National Building Museum. In his ter and all the children whose lives they touch remarks, he referred to entertainers George and they save. And it’s why, as so many of our Lopez, Mary J. Blige, Neil L. Diamond, Robert fellow citizens struggle through tough times, we K. Thomas, Usher Raymond IV, and Justin D. are called upon to help neighbors in need. And Bieber. The transcript was released by the Of- it’s why, with our men and women in uniform fice of the Press Secretary on December 14. serving far from home in harm’s way, our fer- Remarks Following a Meeting With Leaders of the Financial Services Industry December 14, 2009 Good afternoon, everybody. I’ve just finished vestments, but we’ve managed this program a candid and productive meeting with the well. This morning another major bank an- CEOs of 12 of our Nation’s largest financial in- nounced that it would be repaying taxpayers in stitutions. I asked them to come to Washington full, and when they do, we’ll have collected 60 today, at the end of this difficult year for their percent of the money owed, with interest. We industry but also for the economy, to discuss expect other institutions to follow suit, and we where we’ve been, what we expect of them go- are determined to recover every last dime for ing forward, and how we can work together to the American taxpayer. accelerate economic recovery. So my main message in today’s meeting was Our Nation’s banks play, and have always very simple: that America’s banks received ex- played, a crucial role in our national economy, traordinary assistance from American taxpayers from providing loans for homes and cars and to rebuild their industry, and now that they’re colleges to supplying the capital that allows en- back on their feet, we expect an inordinate—ex- trepreneurs to turn ideas into products and traordinary commitment from them to help re- businesses to grow to helping people save for a build our economy. rainy day and a secure retirement. So it’s clear That starts with finding ways to help credit- that each of us has a stake in ensuring the worthy small and medium-sized businesses get strength and the vitality of the financial system. the loans that they need to open their doors, And that’s why 1 year ago, when many of grow their operations, and create new jobs. This these institutions were on the verge of col- is something I hear about from businessowners lapse—a predicament largely of their own mak- and entrepreneurs across America, that despite ing, oftentimes because they failed to manage their best efforts, they’re unable to get loans. At risk properly—we took difficult and, frankly, the same time, I’ve been hearing from bankers unpopular steps to pull them back from the that they’re willing to lend, but face a shortage brink, steps that were necessary not just to save of creditworthy individuals and businesses. our financial system, but to save our economy as Now, no one wants banks making the kinds a whole. of risky loans that got us into this situation in Today, due to the timely loans from the the first place. And it’s true that regulators are American people, our financial system has sta- requiring them to hold more of their capital as a bilized, the stock market has sprung back to life, hedge against the kind of problems that we saw our economy is growing, and our banks are last year. But given the difficulty businesspeo- once again recording profits. A year ago, many ple are having as lending has declined and given doubted that we would ever recover these in- the exceptional assistance banks received to get 1809.