Financial revamp overdue

With the G20 summit scheduled to start next week in Pittsburgh, President Barack Obama in his weekly radio address Saturday, focused on the need for a consumer protection agency and continued his push for more Wall Street reforms.

“We cannot allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers on the hook for cleaning up the mess,” Obama said.

Yes! Finally some straight forward talk to Wall Street executives. But hold on taxpayers, he didn’t let us off the hook that easy.

“While many folks took on more than they knew they could afford, too often folks signed contracts they didn’t fully understand, offered by lenders who didn’t always tell the truth,” Obama said. “That’s why we need clear rules, clearly enforced.”

Although the president’s address was well needed, it’s a little too late. The Obama administration already forfeited its best chance to reform the banking system when the crisis was at its height. It may have been hard for the White House to decide which major problem to tackle first, it seems too much like common to sense to gain support on an issue while its in the forefront.

This is why republicans totally ignored the president’s call to action and focused on healthcare reform. I am assuming this is why the president appeared on five Sunday talks shows and will be a guest on “The Late Show with David Letterman” on CBS Monday night.

While lobbyist are gearing up to fight the consumer financial protection agency, whose fate is unclear, the president needs to gain the support of the people. Despite private-sector reservations about the idea, the taxpayers should be empowered to have a huge say-so in this mess. So lets gear up America and get ready to fight for the security of our dollars.

Benjamin Evans, III for the Editorial Board.