Obama links auto industry woes, financial overhaul
April 25th, 2010
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President Barack Obama on Saturday cited encouraging signs of an auto industry rebound as he promoted stronger financial rules that he said would help prevent a repeat of the crisis that pushed carmakers to the brink.
Senate Democrats have set a test vote Monday on legislation to tighten federal oversight of the financial sector.
The auto industry was one of the biggest casualties of a recession fueled by risky lending and speculative trading practices of major financial institutions. But after shedding 400,000 jobs in 2008, bailed-out U.S. automakers are rebounding.