Obama Speech to Focus on Ways to Reduce Economic Inequality
President Obama plans to use his State of the Union speech to Congress to highlights plans to reduce the nation’s economic inequality while noting the creation of the Consumer Financial Protection Bureau and other administration achievements to help the middle class.
One of his guests at the Tuesday night speech will be investor Warren Buffett’s secretary. Buffett has noted that under the current tax code he pays a lower rate than his secretary and Obama plans to propose a change to the tax code that guarantees millionaires pay a certain amount in taxes.
Obama told attendees at several campaign events that he wants to pass policies that ensure that the country has an economy "that works for everyone, not just a wealthy few."
He also touched on those themes when channeling former President Theodore Roosevelt during a speech in Kansas in December.
While Obama plans to offer some proposals that require congressional approval, according to media reports he plans to talk about steps he can take on his own.
One such step is the recess appointment he made of Richard Cordray as head of the CFPB earlier this month. Obama has said that he needed to act because Senate Republicans were blocking Cordray’s confirmation and without a full-time head the CFPB couldn’t exercise all of its statutory powers (given to it by the Dodd-Frank financial overhaul bill) to regulate non-bank entities and take other regulatory actions.
Credit unions have long expressed frustration that while they are heavily regulated, they compete against other financial service providers that haven’t faced as heavy a level of federal regulation.
The nationally broadcast speech is scheduled to begin at 9 p.m. ET.