President Obama used his weekly address to celebrate recent regulations that crack down on corporate tax loopholes and controversial financial firm practices.
“This week, my administration took two big steps that will help make sure your hard work is rewarded and that everybody plays by the same rules,” Obama said.
The first rule change, coming from the Treasury Department, is aimed at shutting down “corporate inversions” – by which companies avoid paying U.S. taxes through overseas mergers. The new regulations quickly unraveled a planned merger between U.S. pharmacy giant Pfizer and Irish company Allergan.
Obama applauded the Treasury’s action in a speech earlier this week.
In his Saturday address, the president also touted a new Labor Department decision that mandates that retirement finance advisers work in the best interest of their clients.
“Together, these steps build on the work we’ve already done to make our tax code fairer and consumer protections stronger,” Obama said. “Because I believe that rather than double down on policies that allow a few at the top to play by their own rules, we should build an economy where everybody has a fair shot, everybody does their fair share, and everybody plays by the same set of rules.”