Barack Obama

“ Finally, we must recognize that the challenges we face are not just American challenges, they are global challenges. So as we work to set high regulatory standards here in the United States, we have to challenge other countries around the world to do the same. That's how we will stop financial crises from spilling across borders and prevent global crises of the sort that we now face. ”

“ We will not always see eye to eye in our work. We may disagree -- and disagree strongly -- about particular provisions. But there are certain core principles that I believe must shape any proposal for reform -- and these are the principles that will guide our work.
First, financial institutions that pose serious risks, systemic risks, to our market should be subject to serious oversight by the government. ”

“ When the Federal Reserve steps in as a lender of last resort, which it's had to do repeatedly since this financial crisis began, it's providing an insurance policy underwritten by the American taxpayer. ”

“ Second, our regulatory system -- and each of our major markets -- must be strong enough to withstand both system-wide stress and the failure of one or more large institutions. And that means modernizing and streamlining our regulatory structure, and monitoring both the scale and scope of risks that institutions can take. ”

“ And taxpayers should be assured that the Fed thoroughly understands the institutions that it is effectively insuring and actively monitoring them to make sure that they're not taking risks that will cost taxpayers in the long term. ”