{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='President Obama speech on reform of financial sector' data-url='/boclips/videos/5c54c1d5d8eafeecae15528a' data-video-url='/boclips/videos/5c54c1d5d8eafeecae15528a' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPresident Obama speech on reform of financial sector\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eWashington, DC - June 17, 20091. Mid of President Barack Obama walking to podium2. Wide, as audience sits3. SOUNDBITE: (English) Barack Obama, US President:\"It is an indisputable fact that one of the most significant contributors to our...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eWashington, DC - June 17, 2009\u003cbr/\u003e1. Mid of President Barack Obama walking to podium\u003cbr/\u003e2. Wide, as audience sits\u003cbr/\u003e3. SOUNDBITE: (English) Barack Obama, US President:\u003cbr/\u003e\"It is an indisputable fact that one of the most significant contributors to our economic downturn was a unravelling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess. A culture of irresponsibility took root from Wall Street to Washington to Main Street. And a regulatory regime basically crafted in the wake of a 20th century economic crisis - the Great Depression - was overwhelmed by the speed, scope, and sophistication of a 21st century global economy. \"\u003cbr/\u003e4. Cutaway of audience\u003cbr/\u003e5. SOUNDBITE: (English) Barack Obama, US President:\u003cbr/\u003e\"So the question is, what do we do now?  We did not choose how this crisis began, but we do have a choice in the legacy this crisis leaves behind.  So today, my administration is proposing a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression.\"\u003cbr/\u003e6. Cutaway of Obama speaking\u003cbr/\u003e7. SOUNDBITE: (English) Barack Obama, US President:\u003cbr/\u003e\"I am proposing that the Federal Reserve be granted new authority and accountability for regulating bank holding companies and other large firms that pose a risk to the entire economy in the event of failure. \"\u003cbr/\u003e8. Cutaway of Federal Reserve Chairman Ben Bernanke and  National Economic Council Director Larry Summers\u003cbr/\u003e9. Wide of Obama leaving stage, shaking hands\u003cbr/\u003eNew York - June 17, 2009\u003cbr/\u003e10. SOUNDBITE: (English) Robert Brusca, Chief Economist, Fact \u0026amp; Opinion economics:\u003cbr/\u003e\"I think the President has made a reasonable shot at it. We'll have to see how these things are implemented, for the time being you know we are reading these statements of intent and, as my mother always used to say, the road to hell is paved with good intentions - so we'll have to wait and see where this road is going. There is certainly a lot of good intentions we'll see if it has got a virtuous path or a path that turns out to be more vicious.\"\u003cbr/\u003eWashington, DC - June 17, 2009\u003cbr/\u003e11. Mid of Obama shaking hands with Bernanke, Summers and Representative Barney Frank \u003cbr/\u003eUnited States President Barack Obama proposed a major overhaul of the US financial system on Wednesday, unveiling measures he hopes will restore confidence and prevent a repeat of the worst crisis to hit Wall Street in seven decades.\u003cbr/\u003eThe Obama plan would give new powers to the Federal Reserve - the US central bank - to oversee the entire financial system and create a new consumer protection agency to guard against the types of abuses that played a big role in the current crisis.\u003cbr/\u003eThe president said his plan was \"a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression.\"\u003cbr/\u003eObama attributed much of the country's current problem to mistakes and missed opportunities which happened over several decades.\u003cbr/\u003eHe again blamed \"a culture of irresponsibility\" which he said \"took root from Wall Street to Washington to Main Street.\"\u003cbr/\u003eThe 88-page white paper put forward by the administration will spark intense debate in Congress, with opponents already charging that it imposes too many restrictions that will harm the ability of US financial companies to compete in the global economy.\u003cbr/\u003eThe administration's plan details an effort to change a regulatory regime that Obama's economic team says was unable to cope with burgeoning new credit products and the increasing complexities of the marketplace.\u003cbr/\u003eObama wants Congress to make the plan law by the end of the year, an ambitious goal given that he also is pushing lawmakers to overhaul the nation's health care system by October.\u003cbr/\u003eBoth measures face a blizzard of opposition from special interest groups, who fear the changes envisioned will cut into profits or impose undue complexities on their industries.\u003cbr/\u003eRobert Brusca, Chief Economist with the Fact \u0026amp; Opinion economics group, thinks \"the president has made a reasonable shot at it.\"\u003cbr/\u003eBut he wanted to reserve judgement until there was a better sense on how the plan was implemented.\u003cbr/\u003eObama's decision to create a consumer agency was in response to criticism that mortgage lenders and credit card companies had taken advantage of unsuspecting customers and saddled them with too much debt.\u003cbr/\u003eThe new regulator would have the power to demand that customers had the option of simple financial products, to impose fines and to allow states to pass laws that were stricter than the federal standards.\u003cbr/\u003eConsumer protections are now spread among various state and federal authorities, including the Federal Reserve, the Securities and Exchange Commission, the Federal Trade Commission and a variety of banking regulators.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex 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