President Obama Wants to Expedite Action on Wall Street Reform

President Barack Obama is calling for sweeping changes in the financial world, noting that much work must be done to prevent the current level of financial turmoil in the future. Obama noted that the U.S. economy cannot work with "21st century markets with 20th century regulations." He went on to say, "If we once again guide the market's invisible hand with a higher principle, our markets will recover, our economy will once again thrive and America will once again lead the world in this new century as it did in the last."

References to Adam Smith aside, the comments rocked investors, who sent U.S. stocks tumbling. Nonetheless, Obama stuck to his point in describing what actions he’d like to see taken, noting, "Strong financial markets require clear rules of the road, not to hinder financial institutions, but to protect consumers and investors and ultimately to keep those financial institutions strong."

The goals of legislators is to have a basic framework for new regulatory legislation by April 2, when Obama will go to the G20 conference to discuss revamping the regulatory system that was largely adopted in the 1944 Bretton Woods conference. Said Senator Christopher Dodd, "Our intention is to try to get this thing done in the coming weeks and months." For his part, New York Senator Charles Schumer noted the importance of working together with other nations in putting together a new regulatory framework. Said Schumer, "In the financial world, if we were to legislate and Europe would do something totally different, it might undercut everything we do."