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Obama endorses more Wall Street reform

  • McClatchy Washington Bureau
  • Published Thursday, July 3, 2014, at 1:03 p.m.
  • Updated Saturday, July 5, 2014, at 7:18 a.m.

President Barack Obama says more reforms aimed at Wall Street are needed, arguing that as the U.S. financial sector has grown, “more and more of the revenue generated on Wall Street is based on arbitrage -- trading bets -- as opposed to investing in companies that actually make something and hire people.”

In an interview with Marketplace, Obama said because of past financial reform taxpayers won’t be “left holding the bag” by banks that make bad bets.

But, he said, “it's still not a real efficient way for us to run a financial system” and he suggested a fix will “require some further reforms. That's going to require us looking at additional steps that we can take.”

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