Obama prepares to put the brakes on Wall Street - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Obama prepares to put the brakes on Wall Street

Washington -

(NBC) - In New York, President Barack Obama has outlined new rules for Wall Street to protect consumers, avoid taxpayer bailouts and put risky investments called derivatives through a clearinghouse, such as the Stock Market.

"If you're going to operate with derivatives, you've got to make sure that you are an open book, everybody knows what's going to' on," said Obama.

Democrats are set to introduce their plan Thursday.

Arkansas Senator Blanche Lincoln said, "It is time for bold change and big decisions."

Republicans seem ready to compromise.

Alabama Senator Richard Shelby said, "We're not there yet, but I think we're closer than we've ever been."

But there are still big differences. Republicans want to scrap a 50 billion dollar bailout fund, even if banks pay for it. They claim this plan creates an even bigger government bailout.

House Minority Leader John Boehner said, "When you look at the authority given to the FDIC and Treasury, they've got the ability to go in and bail out anybody they deem in need of it."

Now some lawmakers are questioning the timing, just days after fraud charges against Goldman Sachs.

California Representative Darrell Issa said, "How they did it, when they did it, it smells and that's why we're asking."

President Obama says the White House was hands off and, in fact, found out about those charges on CNBC.

Copyright 2010 NBC. All rights reserved.

  • Local NewsLocalMore>>

  • Suspect arrested in murder of 85-year-old Lumberton man

    Suspect arrested in murder of 85-year-old Lumberton man

    Saturday, July 21 2018 7:42 PM EDT2018-07-21 23:42:17 GMT
    Source: Robeson County Sheriff's OfficeSource: Robeson County Sheriff's Office

    LUMBERTON, NC (WMBF) - A suspect is behind bars Saturday, charged with murder in connection to the death of 85-year-old Rufus Revels of Lumberton County. William James Moore, 44, has been charged with first degree murder and robbery. Revels was found dead in his home earlier this month after Lumberton Police responded to a 9-1-1 call.  According to police Revels was beaten to death.  RELATED STORY:  'I'm stunned, hurt, upset:' 85-year-old Lumberton ...

    More >>

    LUMBERTON, NC (WMBF) - A suspect is behind bars Saturday, charged with murder in connection to the death of 85-year-old Rufus Revels of Lumberton County. William James Moore, 44, has been charged with first degree murder and robbery. Revels was found dead in his home earlier this month after Lumberton Police responded to a 9-1-1 call.  According to police Revels was beaten to death.  RELATED STORY:  'I'm stunned, hurt, upset:' 85-year-old Lumberton ...

    More >>
  • City of Florence recognized for economic development progress

    City of Florence recognized for economic development progress

    Saturday, July 21 2018 12:49 PM EDT2018-07-21 16:49:54 GMT
    Source: City of FlorenceSource: City of Florence
    Source: City of FlorenceSource: City of Florence
    FLORENCE, SC (WMBF) - The City of Florence recieved state-wide recognition Saturday at an annual meeting between local South Carolina governments and officials.  In addition to the annual awards reception, the Municipal Association of South Carolina (MASC) provides a forum for sharing public service ideas throughout the state. The 2018 Joseph P. Riley, Jr. Award for Economic Development is the City of Florence's sixth straight MASC award.  "I'm happy to work with a ci...More >>
    FLORENCE, SC (WMBF) - The City of Florence recieved state-wide recognition Saturday at an annual meeting between local South Carolina governments and officials.  In addition to the annual awards reception, the Municipal Association of South Carolina (MASC) provides a forum for sharing public service ideas throughout the state. The 2018 Joseph P. Riley, Jr. Award for Economic Development is the City of Florence's sixth straight MASC award.  "I'm happy to work with a ci...More >>
  • Woman captures 'snowflakes' in July off Myrtle Beach balcony

    Woman captures 'snowflakes' in July off Myrtle Beach balcony

    Saturday, July 21 2018 12:28 PM EDT2018-07-21 16:28:56 GMT
    Source: Sheryl Campbell HughesSource: Sheryl Campbell Hughes

    MYRTLE BEACH, SC (WMBF) - A woman posted a video to Facebook Friday that has some checking their calendars. The video posted by Sheryl Hughes shows large drops of precipitation falling on an overcast day in Myrtle Beach. "I have never seen it snow at the beach...in July," said Hughes in the video, which has now been seen over 870,000 times. Some baffled by the marvel of mother nature rushed to the comment section to dispel the claim of snow showers.  Though areas arou...

    More >>

    MYRTLE BEACH, SC (WMBF) - A woman posted a video to Facebook Friday that has some checking their calendars. The video posted by Sheryl Hughes shows large drops of precipitation falling on an overcast day in Myrtle Beach. "I have never seen it snow at the beach...in July," said Hughes in the video, which has now been seen over 870,000 times. Some baffled by the marvel of mother nature rushed to the comment section to dispel the claim of snow showers.  Though areas arou...

    More >>
Powered by Frankly