Transcript: Debate excerpts – President Barack Obama on Dodd-Frank & federal regulations

Edited by Jenny Jiang

Excerpts from President Barack Obama’s remarks on Dodd-Frank and the level of federal regulations at the first presidential debate held at the University of Denver, Colorado on Oct. 3, 2012:

“The reason we have been in such a enormous economic crisis was prompted by reckless behavior across the board.

“Now, it wasn’t just on Wall Street. You had loan officers were — that were giving loans and mortgages that really shouldn’t have been given, because the folks didn’t qualify. You had people who were borrowing money to buy a house that they couldn’t afford. You had credit agencies that were stamping these as A1 great investments when they weren’t.

“But you also had banks making money hand over fist, churning out products that the bankers themselves didn’t even understand, in order to make big profits, but knowing that it made the entire system vulnerable.

“So what did we do? We stepped in and had the toughest reforms on Wall Street since the 1930s. We said you’ve got — banks, you’ve got to raise your capital requirements. You can’t engage in some of this risky behavior that is putting Main Street at risk. We’ve going to make sure that you’ve got to have a living will so — so we can know how you’re going to wind things down if you make a bad bet so we don’t have other taxpayer bailouts.”

“In the meantime, by the way, we also made sure that all the help that we provided those banks was paid back every single dime, with interest.

“Now, Governor Romney has said he wants to repeal Dodd-Frank.

“And, you know, I appreciate and it appears we’ve got some agreement that a marketplace to work has to have some regulation. But in the past, Governor Romney has said he just want to repeal Dodd- Frank, roll it back.

“And so the question is: Does anybody out there think that the big problem we had is that there was too much oversight and regulation of Wall Street? Because if you do, then Governor Romney is your candidate. But that’s not what I believe.”

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3 Comments on “Transcript: Debate excerpts – President Barack Obama on Dodd-Frank & federal regulations

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