In his weekly broadcast, President Obama announces a new program to crack down on payday lenders that target military families. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: In his weekly address, President Barack Obama marked the fifth anniversary of a law that reformed Wall Street financial practices and said the bill will prevent another devastating recession like the one that began in 2008. The president said the bill put an end to the idea that some financial institutions were "too big to fail." "It's been seven years since the worst financial crisis in generations spread from Wall Street to Main Street - a crisis that cost millions of Americans their jobs, their homes, their life savings," he told a broadcast and online audience. "That's why five years ago this week, we enacted the toughest Wall Street reform in history - new rules of the road to protect businesses, consumers, and our entire economy from the kind of irresponsibility that threatened all of us." "Thanks to Wall Street Reform, there's finally an independent Consumer Financial Protection Bureau with one mission: to protect American consumers." "None of this has been easy. We've had to overcome fierce lobbying campaigns from the special interests and their allies in Congress. And they continue to claim this Wall Street reform is somehow bad for business. But that doesn't explain 13 million new jobs and a stock market near record highs. This law is only bad for business if your business model depends on recklessness that threatens our economy or irresponsibility that threatens working families." "If we keep building an economy that rewards responsibility instead of recklessness, then we won't just keep coming back - we'll come back stronger than ever." The pre-recorded address was released as the president was making his first-ever trip to Kenya, his father's native country. The visit is part of a four-day swing through East Africa.