Obama warns GOP not to undo Wall Street law

Obama warns GOP not to undo Wall Street law

Credit: Getty Images

CLEVELAND, OH - OCTOBER 25: U.S. President Barack Obama addresses a campaign rally at the Cleveland Burke Lakefront Airport October 25, 2012 in Cleveland, Ohio. With less than two weeks to go before Election Day, Obama and his GOP opponent, former Massachusetts Gov. Mitt Romney are crisscrossing the country attempting to sway voters in the all-important swing states. (Photo by Chip Somodevilla/Getty Images)

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Associated Press

Posted on October 27, 2012 at 8:11 AM

Updated Friday, Nov 1 at 3:45 AM

WASHINGTON (AP) -- President Barack Obama is warning congressional Republicans not to undo financial regulations he signed two years ago, taking specific note of the work of a consumer agency created by the new law.

In his Internet and radio address Saturday, Obama drew attention to the Consumer Financial Protection Bureau, noting that it and other regulators recently cracked down on three credit card companies, ordering them to pay $400 million to people who were misled into making purchases they didn't want.

"Sadly, that hasn't been enough to stop Republicans in Congress from fighting these reforms," Obama said. "Backed by an army of financial industry lobbyists, they've been waging an all-out battle to delay, defund and dismantle these new rules."

Obama often reminds campaign audiences of his push for new restrictions on Wall Street, changes that passed Congress despite widespread opposition from Republicans.

Obama, sounding much like a consumer advocate, also informed listeners that they can now contact the consumer bureau to seek redress over problems with credit scores.

In the Republican address, Missouri congressional candidate Ann Wagner promoted Mitt Romney for president, called for changing the U.S. tax code, which she called a "72,000-page monstrosity," and urged the repeal of Obama's health care law. Wagner is seeking a seat vacated by Republican Todd Akin, who is running for the Senate.

"He promised to listen, promised us change, but all we've gotten is more of the same," she said of Obama. "More spending, more red tape, more debt and decline."

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