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Obama Says Bank Bonuses Prove Need for Finance Law

President Barack Obama says new revelations of big bank bonusesunderscore the need for the financial regulation bill he signed into law this week.

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CNBC

Obama on Friday noted that the Treasury Department's pay czar reported 17 banks gave their top executives $1.6 billion in bonuses while receiving billions of dollars in taxpayer-funded bailouts.

The president said the new regulatory lawwill end taxpayer bailouts of Wall Street firms and will protect consumers who receive mortgage loans and credit cards.

Obama is hoping to extend a series of financial-related victories. Earlier this week he also signed a bill to extend unemployment benefits.