01 May 2009

Moving Forward on the Economy

Barack Obama, president of the United States

Barack Obama, President of the United States

We must lay a new foundation for growth and prosperity  … a foundation built upon five pillars that will grow our economy and make this new century another American century: new rules for Wall Street that will reward drive and innovation; new investments in education that will make our workforce more skilled and competitive; new investments in renewable energy and technology that will create new jobs and industries; new investments in health care that will cut costs for families and businesses; and new savings in our federal budget that will bring down the debt for future generations.

—President Barack Obama, “A New Foundation for the Economy,” Washington, DC, April 14, 2009.

Timothy Geithner, secretary of the treasury

Timothy Geithner, Secretary of the Treasury

We are a strong and resilient country. We came into the current crisis without the authority and tools we needed to contain the damage to the economy from the financial crisis. We are moving to ensure that we are equipped with both in the future, and in the process, that we modernize our 20th century regulatory system [to] meet 21st century financial challenges.

—Treasury Secretary Timothy Geithner, Hearing before the House Financial Services Committee, Washington, DC, March 26, 2009.

Ben Bernanke, Chairman of the Federal Reserve

In sum, the challenge faced by regulators is to strike the right balance: to strive for the highest standards of consumer protection without eliminating the beneficial effects of responsible innovation on consumer choice and access to credit. Our goal should be a financial system in which innovation leads to higher levels of economic welfare for people and communities at all income levels.

— Federal Reserve Board Chairman Ben Bernanke, “Financial Innovation and Consumer Protection,” Washington, DC, April 17, 2009.