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Obama Cheers Advancement of Wall Street Bill

President Barack Obama on Friday praised the House and Senate for striking an early morning deal on financial reform legislation.

“Early this morning, the House and Senate reached an agreement on a set of Wall Street reforms that represents 90 percent of what I proposed when I took up this fight,” said the president, who departed for Canada moments later for the G-20 summit.

“This weekend in Toronto, I hope we can build on this progress by coordinating our efforts to promote economic growth, to pursue financial reform and to strengthen the global economy,” he said.

Obama praised the “incredibly hard work” of Senate Banking Chairman Chris Dodd (D-Conn.) and House Financial Services Chairman Barney Frank (D-Mass.) for making progress on financial reforms that will be “the toughest … since the ones we created in the aftermath of the Great Depression.” He also noted the “strong leadership” of Senate Agriculture Chairman Blanche Lincoln (D-Ark.) and House Agriculture Chairman Collin Peterson (D-Minn.) in the conference committee.

Among the provisions that made it into the Wall Street reform package are an independent consumer protection agency, measures aimed at barring credit card companies from imposing hidden fees, enactment of the Volcker Rule to prevent Federal Deposit Insurance Corp.-insured banks from engaging in risky trade practices and the creation of a resolution authority to help wind down firms considered “too big to fail.”

Asked if he thinks the bill can make it through the Senate, the president added, “You bet.”

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