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There's never been a better time to build.
Especially since the construction industry was one of the hardest hit.
When the housing bubble burst.
The -- of course construction workers weren't.
The only ones were -- So -- millions of innocent Americans.
We've seen their home values declined.
And while government can't fix the problem.
On its own.
Responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief.
And that's why I'm sending this congress a plan that gives every responsible -- the chance to save about.
3000 dollars a year on their mortgage by refinancing at historically low rates.
No more red -- no more run around from the banks.
A small fee on the largest financial institutions will ensure that -- won't have to the deficit that will give.
Both banks that were rescued by taxpayers a chance to repaint a deficit of trust.
-- never forget.
Millions of Americans who work hard and play by the rules every day deserve a government and a financial system to do the same.
It's time to apply the same rules from top to bottom.
No bailouts no handout.
And no compounds and America built -- last insists on responsibility from everybody.
We've all paid the price for lenders who sold mortgages to people who couldn't afford them.
And buyers who know who they couldn't afford.
That's why we need Smart regulations.
To prevent irresponsible behavior.
Rules to prevent -- financial fraud.
-- toxic dumping.
Or faulty medical devices.
Please don't destroy the free market.
They make the free market work better.
There's no question that some regulations are outdated.
Unnecessary or to -- In fact -- approved.
Fewer regulations in the first three years my presidency than my Republican predecessor did -- heads.
I've ordered every federal agency to eliminate rules and don't make sense.
We've already announced over 500 reforms.
And just a fraction of them will save businesses and citizens more than ten billion dollars over the next five years.
We got rid of one -- from forty years ago that -- -- for some dairy farmers to spend 101000 dollars a year proving that they could contain a spill.
Because -- was somehow classified as an loyal.
-- with a roll like that I guess it was worth crying over spilled milk.
But I'm confident a farmer can contain a -- bill.
Without a federal agency.
Looking over his shoulder.
But I will not back down.
For making sure an oil company can contain the kind of oil spill we saw on the -- two years ago.
From protecting our kids from Mercury poisoning.
We're making sure that our food is safe.
And -- water is clean.
I will not go back.
To the days when health insurance companies have unchecked power to cancel your policy.
Deny your coverage.
For charging women differently than men.
And I will not go back today -- when Wall Street was allowed to play by its own set of rules.
The -- we've passed restore what shouldn't be any financial systems corporate us.
Getting funding to -- open doors with the best ideas.
And getting a monster responsible families who want to buy a home.
For start a business or send their kids to college.
So if you are a big bank or financial institution.
You're no longer allowed to make risky -- where their customers -- -- You're required to write out a living will that details exactly how you'll pay the bills if you fail because the rest of us are not bailing you out ever again.
Before payday lender or credit card company the days -- signing people up for products they can afford with confusing forms and deceptive practices.
Those days are over.
Today American consumers finally have a watchdog and Richard court granted when one job.
To look up -- Well also established a financial crimes unit.
We'll probably train investigators to crack down.
On -- scale fraud and protect people's investments.
Some financial firms violate major anti fraud laws because there's no real penalty for being a repeat offender.
That's bad for consumers.
And it's bad for the vast majority of bankers and financial service professionals.
Who do the right thing.
-- -- pass legislation that makes the penalties for fraud count.
And tonight I'm asking my attorney general to create a special unit of federal prosecutors and leading state attorney jump.
To expand our investigations into the abusive lending and packaging risky mortgages that led to the housing prices.
This new unit will hold accountable those who broke the law.
Speed assistance to homeowners.
And help turn the page on an Arab recklessness that hurt so many Americans.
Now return them to be American values of fair play.
And shared responsibility.
Will help protect our people and our -- But it should also guide us as we look to pay down our debt.
And invest in our future.
Right now our most immediate priority is stopping -- tax side on a 160 million working Americans while the recovery is still fragile.
People cannot afford losing forty dollars out of each paycheck this year.
There are plenty of ways to get this done.
So let's agree right here right now.
Notion side issues no drama.
Pass the payroll tax cut without delight.
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