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Taking the phrase "if the mountain won't come to Mohammad" to heart, President Obama traveled to Wall Street today in order to meet with 700 of the largest financial institutions, nonprofit organizations, and lawmakers and get them on board with financial reform. The purpose of this meeting, as Obama said in his speech was: "to urge you to join us, instead of fighting us in this effort," making reference to the lobbyists who are working to derail the passing of federal laws that would better regulate banks and financial institutions.
Tactic One: Show the Consequences Before the Action Is Taken
Obama detailed what opposing the legislation (both for the general welfare of America as well as the financial system) really means before lobbyists working on behalf of the institutions present at the meeting can work further to damage the bill. Because certainly, with the fallout from the Goldman Sachs fiasco looming large, the financial sector could use a little impulse control.
Tactic Two: You Would Never Act That Way, Would You?
Obama’s reforms are not actually a knee-jerk response to the current charges against Goldman Sachs, but instead have been quietly formed behind the scenes since Obama's inauguration in an effort to "avert another economic crisis" similar to the Great Depression. Obama pointed out that the only people who would want to oppose these reforms -- which are meant to help the financial sector -- are those who don't follow the rules and are trying to harm the general public. He said in his speech: "The only people who ought to fear the kind of oversight and transparency that we’re proposing are those whose conduct will fail this scrutiny." Nothing makes a mischievous child act better than pointing out how a bad child acts.
Tactic Three: You Don’t Have to Agree With Me for Us to Compromise
Obama also spoke to the audience like a parent gently reminding a teenager that they don't need to work against one another in order for both to be happy: "We will not always see eye to eye. We will not always agree. But that does not mean that we’ve got to choose between two extremes. We do not have to choose between markets that are unfettered by even modest protections against crisis, or markets that are stymied by onerous rules that suppress enterprise and innovation. That is a false choice."
Obama concretely outlined the five major points where he needs the financial sector's support:
- Holding Wall Street accountable instead of passing the burden of supporting institutions after mistakes to the taxpayers.
- Protecting the public from unfair practices.
- Sealing off gaps in the system.
- Creating stable growth.
- Acting now rather than when the crisis comes to a head.
Do you find yourself using what you’ve learned as a parent or from your parents on your co-workers and friends?
Melissa writes Stirrup Queens and Lost and Found. Her book is Navigating the Land of If.
