In his weekly address today, President Barack Obama said that while the government is ending many of the emergency programs put in place to stabilize the financial sector and restart lending, Wall Street reform remains urgently needed.
General Motors announced that it has repaid its loan to taxpayers with interest five years ahead of schedule, and Chrysler Financial has already fully repaid with interest its loan as well. While this is good news, it is also a reminder that the crisis in the auto industry was caused in part by problems in the financial sector.
To help prevent another crisis, Congress needs to enact reforms to hold Wall Street accountable and protect consumers.
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