President calls out 'outdated regulations'

President calls out 'outdated regulations'
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President Obama used Tuesday’s State of the Union address to call out outdated regulations that he said need to be changed, drawing cheers from the assembled lawmakers.

“I believe a thriving private sector is the lifeblood of our economy,” Obama said. “I think there are outdated regulations that need to be changed, and there’s red tape that needs to be cut.”

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The wave of standing ovations started on the Republican side of the chamber, as Obama went on to say that working families won’t get more opportunity or bigger paychecks by letting big banks or big oil or hedge funds make their own rules at the expense of everyone else.

“Food stamp recipients didn’t cause the financial crisis; recklessness on Wall Street did,” he said. “Immigrants aren’t the reason wages haven’t gone up enough; those decisions are made in the boardrooms that too often put quarterly earnings over long-term returns.”

The president said the rules need to work for workers, start-ups and small businesses.