President Obama on Efforts to Cripple and Roll Back Dodd-Frank

In his weekly address, President Obama seizes on J.P. Morgan's gigantic trading loss as an illustration of why the American people should oppose "Republicans in Congress and an army of financial-industry lobbyists," who are "waging an all out battle to delay, dismantle and deform" the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Reiterating the themes of economic fair play from his brilliant speech late last year in Osawatomie, Kansas, the President explained that "unless you run a financial institution whose business model is built on cheating consumers or making risky bets that could damage the whole economy, you have nothing to fear from Wall Street reform." I expect we'll see the language and themes of the Osawatomie speech echoed throughout the campaign--particularly its insistence on a system in which "everyone engages in fair play and everybody gets a fair shot and everybody does their fair share."