Obama says no to the ‘waste, fraud, abuse’ of taxpayer money by banks and big banks
President Obama on Tuesday said he does not support the use of taxpayer funds to bail out big banks.
Obama’s comments were made during a visit to the State Department in which he was asked about his decision to send millions of dollars to bailouts of major banks.
“The problem with banks is, they’ve made mistakes,” he said.
“They’ve done things that we didn’t expect.
And we’re going to hold them accountable.
That’s what I do.
That is what we’re doing.
And that’s what we want the taxpayers to be able to do.”
“But we’re also going to do the right thing for the American people, and we’re not going to use taxpayer money to bail them out.”
The Obama administration is now working with the White House, the Office of the Comptroller of the Currency, the Federal Reserve and the Department of Justice to make sure taxpayers have no role in the bailouts.
The Treasury Department, which oversees the Federal Deposit Insurance Corporation, is also involved.
The administration is also reviewing the law that governs the bank bailout.
“The bank bailouts were not the right answer.
We have to ensure that taxpayers have the ability to protect their savings, that taxpayers are protected, and that taxpayers get their money back,” said White House Press Secretary Josh Earnest.
“And so we’re still looking at ways that taxpayers can have more of an influence over these bank bail outs.”
The president has repeatedly said that the government would not be able pay for the bail outs if it is not willing to hold the banks accountable for wrongdoing.
He also said that taxpayers should not have to bail banks out.
Democrats have pointed to the bailout programs that were approved by Congress in 2009 as evidence that taxpayers shouldn’t be used to bail big banks out, which were bailed out with taxpayer money.
In March 2009, Obama was asked whether taxpayers should be allowed to bail companies out in the wake of the financial crisis.
“I don’t want to give them too much credit.
They bailed out Lehman Brothers, they bailed out Fannie Mae and Freddie Mac.
So I would say to taxpayers, you’re not the ones that need to bail these companies out,” Obama said.
Obama was also asked about the Obama administration’s decision to use taxpayers money to rescue the banks that caused the Great Recession, which the administration has argued has nothing to do with the banks.
“We don’t have the authority to bail Wall Street, so we have to make some decisions about where that money is going to go,” Obama told reporters.
Republicans have said the bailout programs were the wrong way to go about it, and are now demanding that the administration give them more authority to oversee the bail-outs.