President Obama left this morning for a weekend of summitry in Canada celebrating a legislative breakthrough on the financial regulatory revamp and predicting the conference report will be cleared by Congress.
Talking to reporters on the White House South Lawn as he departed for the G-8 and G-20 summits, he responded, "You bet," when asked if the measure can get through the Senate.
The president credited the "incredibly hard work" of the top Democratic negotiators "and the great efforts of the conferees and members of both parties who were up very late last night." He said the measure "represents 90 percent of what I proposed when I took up this fight."
"The reforms making their way through Congress will hold Wall Street accountable so we can help prevent another financial crisis like the one that we're still recovering from," he added. He cited in particular its provisions on the consumer financial protection agency, derivatives regulation, proprietary trading, and creation of a resolution authority for troubled "too-big-to-fail" firms.
The development is a major coup for the president, as he can now go to the summit and tell world leaders exactly what is in the reform package. Several foreign officials had complained of the uncertainty as they tried to craft similar reforms in their countries.
This article appears in the June 26, 2010, edition of National Journal Daily PM Update.