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Readout of Vice President Biden's Call with Prime Minister Abadi of Iraq

Barack Obama's White House Presidential Office (D) posted a Press Release on March 29, 2015 | 10:50 am - Original Item - Comments (View)

Vice President Joe Biden spoke this morning with Iraqi Prime Minister Haider al-Abadi. They discussed ongoing military operations across Iraq, including in Anbar and Salah Ad Din provinces. The Vice President praised Prime Minister Abadi for his leadership in directing operations to clear ISIL from Tikrit. Both leaders expressed their strong support for continued cooperation between the Iraqi government and the international coalition. The Vice President commended the patriotism of the Iraqi Security Forces and those Iraqis who have volunteered to join the fight against ISIL. He reiterated the United States' support for Iraq's security under the Strategic Framework Agreement and full respect for Iraq's sovereignty and independence.

Weekly Address: Protecting Working Americans' Paychecks

Barack Obama's White House Presidential Office (D) posted a Press Release on March 28, 2015 | 6:00 am - Original Item - Comments (View)

WASHINGTON, DC — In this week’s address, the President highlighted the progress made protecting American consumers since he signed Wall Street Reform into law five years ago, including an important new step taken by the independent Consumer Financial Protection Bureau earlier this week toward preventing abuses in payday lending.  The President emphasized his commitment to fighting to advance middle-class economics and ensure everybody who works hard can get ahead, while opposing attempts by Republicans both to weaken the CFPB and give large tax breaks to the wealthiest Americans at the expense of the middle class.

The audio of the address and video of the address will be available online at www.whitehouse.gov at 6:00 a.m. ET, March 28, 2015.

Remarks of President Barack Obama
Weekly Address
The White House
March 28, 2015

Hi, everybody.  Five years ago, after the worst financial crisis in decades, we passed historic Wall Street reform to end the era of bailouts and too big to fail. 

As part that reform, we created an independent Consumer Financial Protection Bureau with one mission: to protect American consumers from some of the worst practices of the financial industry. 

They’ve already put $5 billion back in the pockets of more than 15 million families.  And this week, they took an important first step towards cracking down on some of the most abusive practices involving payday loans. 

Millions of Americans take out these loans every year.  In Alabama, where I visited this week, there are four times as many payday lending stores as there are McDonald’s.  But while payday loans might seem like easy money, folks often end up trapped in a cycle of debt.  If you take out a $500 loan, it’s easy to wind up paying more than $1,000 in interest and fees. 

The step the Consumer Financial Protection Bureau announced this week is designed to change that.  The idea is pretty common sense: if you’re a payday lender preparing to give a loan, you should make sure that the borrower can afford to pay it back first. 

As Americans, we believe there’s nothing wrong with making a profit.  But there is something wrong with making that profit by trapping hard-working men and women in a vicious cycle of debt.  

Protecting working Americans’ paychecks shouldn’t be a partisan issue.  But the budget Republicans unveiled last week would make it harder, not easier, to crack down on financial fraud and abuse.  And this week, when Republicans rolled out their next economic idea, it had nothing to do with the middle class.  It was a new, more-than-$250 billion tax cut for the top one-tenth of the top one percent of Americans.  That would mean handing out an average tax cut of $4 million a year to just 4,000 Americans per year, and leaving the rest of the country to pay for it. 

I don’t think our top economic priority should be helping a tiny number of Americans who are already doing extraordinarily well, and asking everybody else to foot the bill.  I think our top priority should be helping everybody who works hard get ahead.  This country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules. 

That’s what middle-class economics is all about, and as long as I’m your President, that’s what I’ll keep on fighting to do.

Thanks, and have a great weekend.

Weekly Address: Protecting Working Americans' Paychecks

Barack Obama's White House Presidential Office (D) posted a Blog Post on March 28, 2015 | 6:00 am - Original Item - Comments (View)
President Obama tapes the Weekly Address on Loretta Lynch

President Barack Obama tapes the Weekly Address in the Map Room of the White House, March 20, 2015. March 20, 2015. (Official White House Photo by Chuck Kennedy)

In this week’s address, the President highlighted the progress made protecting American consumers since he signed Wall Street reform into law five years ago, including an important new step taken by the independent Consumer Financial Protection Bureau earlier this week toward preventing abuses in payday lending.

The President emphasized his commitment to fighting to advance middle-class economics and ensure everybody who works hard can get ahead, while opposing attempts by Republicans both to weaken the CFPB and give large tax breaks to the wealthiest Americans at the expense of the middle class.

Transcript | mp4 | mp3

Weekly Address: Protecting Working Americans' Paychecks

Barack Obama's White House Presidential Office (D) posted a Video on March 28, 2015 | 5:00 am - Original Item - Comments (View)
In this week's address, the President highlighted the progress made protecting American consumers since he signed Wall Street reform into law five years ago, including an important new step taken by the independent Consumer Financial Protection Bureau earlier this week toward preventing abuses in payday lending.

Weekly Address: Protecting Working Americans' Paychecks

Barack Obama's White House Presidential Office (D) posted a Audio Clip on March 28, 2015 | 5:00 am - Original Item - Comments (View)
In this week's address, the President highlighted the progress made protecting American consumers since he signed Wall Street reform into law five years ago, including an important new step taken by the independent Consumer Financial Protection Bureau earlier this week toward preventing abuses in payday lending.

Weekly Address: Protecting Working Americans' Paychecks

Barack Obama's White House Presidential Office (D) posted a Video (YouTube) on March 28, 2015 | 4:30 am - Original Item - Comments (View)
In this week's address, the President highlighted the progress made protecting American consumers since he signed Wall Street reform into law five years ago, including an important new step...
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Statement by NSC Spokesperson Bernadette Meehan on the President's Call with King Salman bin Abdulaziz al-Saud of Saudi Arabia

Barack Obama's White House Presidential Office (D) posted a Press Release on March 27, 2015 | 9:06 pm - Original Item - Comments (View)

Today, the President spoke with King Salman bin Abdulaziz al-Saud of Saudi Arabia to discuss recent developments in Yemen.  The President reaffirmed the strong friendship between the United States and Saudi Arabia and emphasized the United States’ support for the action taken by Saudi Arabia, Gulf Cooperation Council (GCC) members, and others in response to President Hadi’s request and in support of the legitimate government of Yemen.  The President underscored our commitment to Saudi Arabia’s security.  The President and King Salman agreed that our collective goal is to achieve lasting stability in Yemen through a negotiated political solution facilitated by the United Nations and involving all parties as envisioned in the GCC Initiative.

President's Management Advisory Board Meeting: Part 2

Barack Obama's White House Presidential Office (D) posted a Video (YouTube) on March 27, 2015 | 8:16 pm - Original Item - Comments (View)
The President's Management Advisory Board meets to discuss and define their focus area for 2015, improving customer service in the Federal government, and identify the challenges and opportunities.
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President's Management Advisory Board Meeting: Part 1

Barack Obama's White House Presidential Office (D) posted a Video (YouTube) on March 27, 2015 | 7:26 pm - Original Item - Comments (View)
The President's Management Advisory Board meets to discuss and define their focus area for 2015, improving customer service in the Federal government, and identify the challenges and opportunities.
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President Obama Meets with the President's Council of Advisors on Science and Technology

Barack Obama's White House Presidential Office (D) posted a Video (YouTube) on March 27, 2015 | 6:41 pm - Original Item - Comments (View)
President Obama meets with members of the President's Council of Advisors on Science and Technology (PCAST) in the Roosevelt Room of the White House, March 27, 2015.
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