Weekly presidential radio address - 05/09/2009

[2:04] ..." aspire to a -- wants. Nowhere is this more apparent than ever Kurt Birkins. Americans know that they have a responsibility to live within their means and pay what they -- But they also have a"...

[3:10] ..." the goes unpunished. We need to strengthen monitoring enforcement and penalties for credit card companies that take advantage of ordinary Americans. Houses taken important steps toward putting these principles and to law and the Senate is poised to do the same next week. Now I'm calling on congress to take final action. Pass a credit card reform bill that protects American consumers that I can sign it into law by Memorial Day. There's no time for the way we needed durable and successful flow of credit in our top. We can't tolerate profits that"...

[0:00]" Good morning. -- briefly share some news about our economy. And talk about the work we're doing both to protect American consumers and to put our economy back on a path broke -- prosperity. This week we saw some signs that the years of America's economic engine for slowly beginning to -- Consumer spending and home sales are stabilized. Unemployment claims are dropping. And job losses are beginning to slow. These trends are far from satisfactory. The unemployment rate is at its highest point in 25 years. We're still in the midst of deep recession was years in the making it will take time to fully turn this economy around. We cannot rest until our work is done. Not what Americans continue to lose their jobs and struggled paper bills. Now what we are wrestling with -- record deficits and overburdened middle class. That's why every action -- my administration is -- is focused on clearing away the wreckage of this recession. And building a new foundation. For job creation and waltrip well. This past week we acted on several fronts. To restart the flow of credit for businesses and individuals depend upon. We completed an unprecedented review of the conditions of our nation's largest banks to determine what additional steps are necessary to get our economy moving. Restore fiscal discipline we -- a 5141. Programs to eliminate the -- but. And restore a sense of fairness for tax -- and common sense Tor com. I've asked congress to work would mean closing the loopholes that let companies ship jobs and stash profits overseas. Reforms will help save 210. Billion dollars over the next ten years. These important steps are just one part of a -- Get government businesses and banks to act more responsibly. The work creating good jobs and making sound investments instead of spending recklessly and heading false prophets. Because American institutions must act with the same sense of responsibility. Fairness. The American people aspire to a -- wants. Nowhere is this more apparent than ever Kurt Birkins. Americans know that they have a responsibility to live within their means and pay what they -- But they also have a right not to get ripped off by the sudden rate -- unfair penalties and fees that have become all too common in our credit card industry. You shouldn't have to fear that any new credit card is going to come with strings attached. Nor should you need a magnifying glass and reference book to read it credit card application. -- the abuses in our credit card industry have only multiplied in the midst of this recession when Americans can least afford to bear much for -- It is past time for rules that are fair and transparent. That's why -- call for a set of new principles for reform corporate partners. It's sort of an anything goes approach we need strong and reliable protections for consumers. Is that a fine print that hides the true we need credit card forms and statements that plain language in plain -- We need to give people the tools they need to find the credit card that meets their needs. And instead of abuse the goes unpunished. We need to strengthen monitoring enforcement and penalties for credit card companies that take advantage of ordinary Americans. Houses taken important steps toward putting these principles and to law and the Senate is poised to do the same next week. Now I'm calling on congress to take final action. Pass a credit card reform bill that protects American consumers that I can sign it into law by Memorial Day. There's no time for the way we needed durable and successful flow of credit in our top. We can't tolerate profits that depend on this leading working families those days -- Of this economic crisis remind us we're all in this together. We can't prosper but we're off -- choices. Or by protecting the profits of the few at the expense of the middle class. We're making steady progress toward recovery. We must ensure the legacy of this recession is an American economy that worked worked and innovation. -- guided by fairness and responsibility. And they grow steadily into the future. Facts."