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130-481: On December 28, 2016 President Barack Obama proclaimed the 1.35 million acre Bears Ears National Monument , that includes both the Dark Canyon Wilderness and the adjacent Dark Canyon Primitive Area. Life zones range from ponderosa pine and aspen -covered high country to desert vegetation in the bottom of Dark Canyon. High terraced castle-like sandstone walls tower 3,000 feet (910 m) above

260-605: A Juris Doctor magna cum laude . University of Chicago Law School In 1991, Obama accepted a two-year position as Visiting Law and Government Fellow at the University of Chicago Law School to work on his first book. He then taught constitutional law at the University of Chicago Law School for twelve years, first as a lecturer from 1992 to 1996, and then as a senior lecturer from 1996 to 2004. From April to October 1992, Obama directed Illinois's Project Vote ,

390-561: A junior , where he majored in political science with a specialty in international relations and in English literature and lived off-campus on West 109th Street. He graduated with a Bachelor of Arts degree in 1983 and a 3.7 GPA . After graduating, Obama worked for about a year at the Business International Corporation , where he was a financial researcher and writer, then as a project coordinator for

520-514: A summer associate at the law firms of Sidley Austin in 1989 and Hopkins & Sutter in 1990. Obama's election as the first black president of the Harvard Law Review gained national media attention and led to a publishing contract and advance for a book about race relations, which evolved into a personal memoir. The manuscript was published in mid-1995 as Dreams from My Father . Obama graduated from Harvard Law in 1991 with

650-542: A voter registration campaign with ten staffers and seven hundred volunteer registrars; it achieved its goal of registering 150,000 of 400,000 unregistered African Americans in the state, leading Crain's Chicago Business to name Obama to its 1993 list of "40 under Forty" powers to be. In a 2006 interview, Obama highlighted the diversity of his extended family : "It's like a little mini-United Nations," he said. "I've got relatives who look like Bernie Mac , and I've got relatives who look like Margaret Thatcher ." Obama has

780-487: A "confirmed atheist " by the time his parents met, and his stepfather as "a man who saw religion as not particularly useful." Obama explained how, through working with black churches as a community organizer while in his twenties, he came to understand "the power of the African-American religious tradition to spur social change." In January 2008, Obama told Christianity Today : "I am a Christian, and I am

910-561: A 13-attorney law firm specializing in civil rights litigation and neighborhood economic development, where he was an associate for three years from 1993 to 1996, then of counsel from 1996 to 2004. In 1994, he was listed as one of the lawyers in Buycks-Roberson v. Citibank Fed. Sav. Bank , 94 C 4094 (N.D. Ill.). This class action lawsuit was filed in 1994 with Selma Buycks-Roberson as lead plaintiff and alleged that Citibank Federal Savings Bank had engaged in practices forbidden under

1040-746: A Senate amendment to the State Children's Health Insurance Program , providing one year of job protection for family members caring for soldiers with combat-related injuries. Obama held assignments on the Senate Committees for Foreign Relations , Environment and Public Works , and Veterans' Affairs through December 2006. In January 2007, he left the Environment and Public Works committee and took additional assignments with Health, Education, Labor and Pensions and Homeland Security and Governmental Affairs . He also became Chairman of

1170-506: A basis for the values that I hold most dear." Obama has also written and talked about using alcohol , marijuana , and cocaine during his teenage years to "push questions of who I was out of my mind". Obama was also a member of the "Choom Gang" (the slang term for smoking marijuana), a self-named group of friends who spent time together and smoked marijuana. College and research jobs After graduating from high school in 1979, Obama moved to Los Angeles to attend Occidental College on

1300-699: A community organizer from June 1985 to May 1988. He helped set up a job training program, a college preparatory tutoring program, and a tenants' rights organization in Altgeld Gardens . Obama also worked as a consultant and instructor for the Gamaliel Foundation , a community organizing institute. In mid-1988, he traveled for the first time in Europe for three weeks and then for five weeks in Kenya, where he met many of his paternal relatives for

1430-741: A compromise in the Utah Wilderness Act of 1984 . Barack Obama Barack Hussein Obama II (born August 4, 1961) is an American lawyer and politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party , he was the first African-American president in U.S. history. Obama previously served as a U.S. senator representing Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004. Obama

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1560-522: A decade in the minority, regained a majority. He sponsored and led unanimous, bipartisan passage of legislation to monitor racial profiling by requiring police to record the race of drivers they detained, and legislation making Illinois the first state to mandate videotaping of homicide interrogations. During his 2004 general election campaign for the U.S. Senate, police representatives credited Obama for his active engagement with police organizations in enacting death penalty reforms. Obama resigned from

1690-459: A devout Christian. I believe in the redemptive death and resurrection of Jesus Christ . I believe that faith gives me a path to be cleansed of sin and have eternal life." On September 27, 2010, Obama released a statement commenting on his religious views, saying: I'm a Christian by choice. My family didn't—frankly, they weren't folks who went to church every week. And my mother was one of the most spiritual people I knew, but she didn't raise me in

1820-579: A female. Bo died of cancer on May 8, 2021. Obama is a supporter of the Chicago White Sox , and he threw out the first pitch at the 2005 ALCS when he was still a senator. In 2009, he threw out the ceremonial first pitch at the All-Star Game while wearing a White Sox jacket. He is also primarily a Chicago Bears football fan in the NFL , but in his childhood and adolescence was a fan of

1950-562: A field speculated to include former Indiana Governor and Senator Evan Bayh and Virginia Governor Tim Kaine . At the Democratic National Convention in Denver , Colorado, Hillary Clinton called for her supporters to endorse Obama, and she and Bill Clinton gave convention speeches in his support. Obama delivered his acceptance speech at Invesco Field at Mile High stadium to a crowd of about eighty-four thousand;

2080-558: A full scholarship. In February 1981, Obama made his first public speech, calling for Occidental to participate in the disinvestment from South Africa in response to that nation's policy of apartheid . In mid-1981, Obama traveled to Indonesia to visit his mother and half-sister Maya and visited the families of college friends in Pakistan for three weeks. Later in 1981, he transferred to Columbia University in New York City as

2210-635: A half years, supplemented by English-language Calvert School homeschooling by his mother. As a result of his four years in Jakarta , he was able to speak Indonesian fluently as a child. During his time in Indonesia, Obama's stepfather taught him to be resilient and gave him "a pretty hardheaded assessment of how the world works". In 1971, Obama returned to Honolulu to live with his maternal grandparents, Madelyn and Stanley Dunham . He attended Punahou School —a private college preparatory school —with

2340-714: A half-sister with whom he was raised (Maya Soetoro-Ng) and seven other half-siblings from his Kenyan father's family, six of them living. Obama's mother was survived by her Kansas-born mother, Madelyn Dunham, until her death on November 2, 2008, two days before his election to the presidency. Obama also has roots in Ireland; he met with his Irish cousins in Moneygall in May 2011. In Dreams from My Father , Obama ties his mother's family history to possible Native American ancestors and distant relatives of Jefferson Davis , President of

2470-513: A household income of $ 5.5   million—up from about $ 4.2   million in 2007 and $ 1.6   million in 2005—mostly from sales of his books. On his 2010 income of $ 1.7   million, he gave 14 percent to non-profit organizations, including $ 131,000 to Fisher House Foundation , a charity assisting wounded veterans' families, allowing them to reside near where the veteran is receiving medical treatments. Per his 2012 financial disclosure, Obama may be worth as much as $ 10   million. Obama

2600-405: A law that increased tax credits for low-income workers, negotiated welfare reform , and promoted increased subsidies for childcare. In 2001, as co-chairman of the bipartisan Joint Committee on Administrative Rules, Obama supported Republican Governor George Ryan 's payday loan regulations and predatory mortgage lending regulations aimed at averting home foreclosures . He was reelected to

2730-781: A major financial regulation reform bill; and the end of the Iraq War . Obama also appointed Supreme Court justices Sonia Sotomayor and Elena Kagan , the former being the first Hispanic American on the Supreme Court. He ordered Operation Neptune Spear , the raid that killed Osama bin Laden , who was responsible for the September 11 attacks . Obama downplayed Bush's counterinsurgency model, expanding air strikes and making extensive use of special forces, while encouraging greater reliance on host-government militaries. He also ordered

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2860-471: A proposal for a "sweeping overhaul of the United States financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression". As the finalized bill emerged from the conference, President Obama said that it included 90 percent of the reforms he had proposed. Major components of Obama's original proposal, listed by the order in which they appear in

2990-596: A reduction in fraud or other misconduct. The Dodd–Frank Act has several provisions that call upon the Securities and Exchange Commission (SEC) to implement several new rules and regulations that will affect corporate governance issues surrounding public corporations in the United States. Many of the provisions put in place by Dodd–Frank require the SEC to implement new regulations, but intentionally do not give specifics as to when regulations should be adopted or exactly what

3120-595: A review of each to ensure no conflicts of interest exist. Compensation committees are fully responsible for selecting advisors and determining their compensation. Final regulations covering issues surrounding compensation committees were implemented in June 2012 by the SEC and took effect in July 2012. Under these regulations, the New York Stock Exchange (NYSE) and NASDAQ also added their own rules regarding

3250-638: A scale not seen since the reforms that followed the Great Depression ." Legislation based on his proposal was introduced in the United States House of Representatives by Congressman Barney Frank (D-MA) and in the United States Senate by Senator Chris Dodd (D-CT). Most congressional support for Dodd–Frank came from members of the Democratic Party ; three Senate Republicans voted for the bill, allowing it to overcome

3380-565: A stronger law from passing. A survey by Rimes Technologies Corp of senior investment banking figures in the U.S. and UK showed that 86 percent expect that Dodd–Frank will significantly increase the cost of their data operations. Big banks "complained for years about a key feature of the Dodd–Frank overhaul requiring them to keep billions of dollars in cash in reserves." In 2019 some, such as Wells-Fargo, offered higher deposit rates to government lenders, freeing up deposits previously held to maintain

3510-707: A third time and worked for the Kenyan government as the Senior Economic Analyst in the Ministry of Finance. He visited his son in Hawaii only once, at Christmas 1971, before he was killed in an automobile accident in 1982, when Obama was 21 years old. Recalling his early childhood, Obama said: "That my father looked nothing like the people around me—that he was black as pitch, my mother white as milk—barely registered in my mind." He described his struggles as

3640-468: A vote at least every six years to decide how often they would like to have say-on-pay votes. In addition, companies are required to disclose any golden parachute compensation that may be paid out to executives in the case of a merger, acquisition, or sale of major assets. Proxy statements must also give shareholders the chance to cast a non-binding vote to approve golden parachute policies. Although these votes are non-binding and do not take precedence over

3770-467: A vote for shareholders to approve executive compensation by voting on " say on pay " and " golden parachutes ." SEC regulations require that at least once every three years shareholders have a non-binding say-on-pay vote on executive compensation. While shareholders are required to have a say-on-pay vote at least every three years, they can also elect to vote annually, every two years, or every third year. The regulations also require that shareholders have

3900-449: A young adult to reconcile social perceptions of his multiracial heritage. In 1963, Dunham met Lolo Soetoro at the University of Hawaii ; he was an Indonesian East–West Center graduate student in geography . The couple married on Molokai on March 15, 1965. After two one-year extensions of his J-1 visa , Lolo returned to Indonesia in 1966. His wife and stepson followed sixteen months later in 1967. The family initially lived in

4030-477: Is a Protestant Christian whose religious views developed in his adult life. He wrote in The Audacity of Hope that he "was not raised in a religious household." He described his mother, raised by non-religious parents, as being detached from religion, yet "in many ways the most spiritually awakened person   ... I have ever known", and "a lonely witness for secular humanism ." He described his father as

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4160-423: Is determined. New regulations require that compensation paid to executives be directly linked to financial performance including consideration of any changes in the value of the company's stock price or value of dividends paid out. The compensation of executives and the financial performance justifying it are both required to be disclosed. In addition, regulations require that CEO compensation be disclosed alongside

4290-450: Is entitled to make director nominations. However, shareholder groups may not nominate more than twenty-five percent of a company's board and may always nominate at least one member even if that one nomination would represent over twenty-five percent of the board. If multiple shareholder groups make nominations then the nominations from groups with the most voting power will be considered first with additional nominations being considered up to

4420-732: Is left-handed. In 2005, the Obama family applied the proceeds of a book deal and moved from a Hyde Park, Chicago condominium to a $ 1.6   million house (equivalent to $ 2.5   million in 2023) in neighboring Kenwood, Chicago . The purchase of an adjacent lot—and sale of part of it to Obama by the wife of developer, campaign donor and friend Tony Rezko —attracted media attention because of Rezko's subsequent indictment and conviction on political corruption charges that were unrelated to Obama. In December 2007, Money Magazine estimated Obama's net worth at $ 1.3   million (equivalent to $ 1.9   million in 2023). Their 2009 tax return showed

4550-491: Is made then the company must recover any compensation paid to current or former executives associated with the company the three years prior to the restatement. The SEC proposed regulations dealing with clawback of compensation in July 2015. Section 955 of Dodd–Frank deals with employees' and directors' hedging practices. These provisions stipulate that the SEC must implement rules requiring public companies to disclose in proxy statements whether or not employees and directors of

4680-568: Is one of the three United States senators moved directly from the U.S. Senate to the White House, the others being Warren G. Harding and John F. Kennedy . On April 4, 2011, Obama filed election papers with the Federal Election Commission and then announced his reelection campaign for 2012 in a video titled "It Begins with Us" that he posted on his website. As the incumbent president, he ran virtually unopposed in

4810-577: The 2011 military intervention in Libya to implement United Nations Security Council Resolution 1973 , contributing to the overthrow of Muammar Gaddafi . Obama defeated Republican opponent Mitt Romney in the 2012 presidential election . In his second term, Obama took steps to combat climate change , signing the Paris Agreement , a major international climate agreement, and an executive order to limit carbon emissions . Obama also presided over

4940-473: The Ancestral Puebloan culture, with several ruins of cliff dwellings in the region. All the trails dropping into the canyons are moderate but they can be difficult, if not impossible, to find and follow until you reach the bottoms of the canyons. Peavine Canyon contains a cherry-stem jeep trail. The Forest Service once recommended closing the area to vehicles but this corridor was kept open as

5070-634: The Democratic Party presidential primaries , and on April 3, 2012, Obama secured the 2778 convention delegates needed to win the Democratic nomination. At the Democratic National Convention in Charlotte, North Carolina , Obama and Joe Biden were formally nominated by former President Bill Clinton as the Democratic Party candidates for president and vice president in the general election. Their main opponents were Republicans Mitt Romney ,

5200-658: The Democratic Republic of the Congo Relief, Security, and Democracy Promotion Act, marking the first federal legislation to be enacted with Obama as its primary sponsor. In January 2007, Obama and Senator Feingold introduced a corporate jet provision to the Honest Leadership and Open Government Act , which was signed into law in September 2007. Later in 2007, Obama sponsored an amendment to

5330-867: The Equal Credit Opportunity Act and the Fair Housing Act . The case was settled out of court. From 1994 to 2002, Obama served on the boards of directors of the Woods Fund of Chicago —which in 1985 had been the first foundation to fund the Developing Communities Project—and of the Joyce Foundation . He served on the board of directors of the Chicago Annenberg Challenge from 1995 to 2002, as founding president and chairman of

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5460-717: The Federal Funding Accountability and Transparency Act of 2006 , which authorized the establishment of USAspending.gov, a web search engine on federal spending. On June 3, 2008, Senator Obama—along with Senators Tom Carper , Tom Coburn , and John McCain —introduced follow-up legislation: Strengthening Transparency and Accountability in Federal Spending Act of 2008. He also cosponsored the Secure America and Orderly Immigration Act . In December 2006, President Bush signed into law

5590-831: The Financial Stability Oversight Council and the Office of Financial Research to identify threats to the financial stability of the United States of America, and gave the Federal Reserve new powers to regulate systemically important institutions. To handle the liquidation of large companies, the act created the Orderly Liquidation Authority. One provision, the Volcker Rule , restricts banks from making certain kinds of speculative investments. The act also repealed

5720-787: The New York Public Interest Research Group on the City College of New York campus for three months in 1985. Community organizer and Harvard Law School Two years after graduating from Columbia, Obama moved from New York to Chicago when he was hired as director of the Developing Communities Project , a faith-based community organization originally comprising eight Catholic parishes in Roseland , West Pullman , and Riverdale on Chicago's South Side . He worked there as

5850-696: The Senate filibuster . Dodd–Frank reorganized the financial regulatory system, eliminating the Office of Thrift Supervision , assigning new jobs to existing agencies similar to the Federal Deposit Insurance Corporation , and creating new agencies like the Consumer Financial Protection Bureau (CFPB). The CFPB was charged with protecting consumers against abuses related to credit cards, mortgages, and other financial products. The act also created

5980-574: The South Side of Chicago in 2021. Historians and political scientists rank Obama among the upper tier in historical rankings of American presidents . Barack Obama was born on August 4, 1961, at Kapiolani Medical Center for Women and Children in Honolulu , Hawaii. He is the only president born outside the contiguous 48 states . He was born to an 18-year-old American mother and a 27-year-old Kenyan father. His mother, Ann Dunham (1942–1995),

6110-464: The "A New Foundation" outline, include: At President Obama's request, Congress later added the Volcker Rule to this proposal in January 2010. The bills that came after Obama's proposal were largely consistent with the proposal, but contained some additional provisions and differences in implementation. The Volcker Rule was not included in Obama's initial June 2009 proposal, but Obama proposed

6240-559: The "Restoring American Financial Stability Act of 2010". The House passed the conference report, 237–192 on June 30, 2010. On July 15, the Senate passed the Act, 60–39. President Obama signed the bill into law on July 21, 2010. Since the passage of Dodd–Frank, many Republicans have called for a partial or total repeal of Dodd–Frank. On June 9, 2017, The Financial Choice Act , legislation that would "undo significant parts" of Dodd–Frank, passed

6370-568: The Act also shifted oversight of non-exempt investment advisers with less than $ 100 million in assets under management and not registered in more than 15 states to state regulators. A 2019 study found that this switch in enforcement to state regulators increased misconduct among investment advisers by thirty to forty percent, with a bigger increase in areas with less sophisticated clients, less competition, and among advisers with more conflicts of interest, most likely because on average state regulators have less resources and enforcement capacity compared to

6500-659: The Banking Committee negotiations," but voiced his concern about maintaining an active derivatives market and not driving financial firms overseas. Kay Bailey Hutchison indicated her desire to see state banks have access to the Fed, while Orrin Hatch had concerns over transparency, and the lack of Fannie and Freddie reform. Ed Yingling, president of the American Bankers Association , regarded

6630-484: The Bureau of Consumer Financial Protection, this legislation in many ways represents a change in the way America's financial markets will operate in the future. Few provisions of the Act became effective when the bill was signed. The law has various titles relating to: Senator Chris Dodd , who co-proposed the legislation, has classified the legislation as "sweeping, bold, comprehensive, [and] long overdue". In regards to

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6760-662: The Comptroller, the FDIC, and the FED ). As a practical matter, prior to the passage of Dodd–Frank, investment advisers were not required to register with the SEC if the investment adviser had fewer than 15 clients during the previous 12 months and did not hold himself out generally to the public as an investment adviser. The act eliminates that exemption, rendering numerous additional investment advisers, hedge funds, and private equity firms subject to new registration requirements. However,

6890-709: The Confederate States of America during the American Civil War . He also shares distant ancestors in common with George W. Bush and Dick Cheney , among others. Obama lived with anthropologist Sheila Miyoshi Jager while he was a community organizer in Chicago in the 1980s. He proposed to her twice, but both Jager and her parents turned him down. The relationship was not made public until May 2017, several months after his presidency had ended. In June 1989, Obama met Michelle Robinson when he

7020-500: The Defense Authorization Act to add safeguards for personality-disorder military discharges. This amendment passed the full Senate in the spring of 2008. He sponsored the Iran Sanctions Enabling Act supporting divestment of state pension funds from Iran's oil and gas industry, which was never enacted but later incorporated in the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ; and co-sponsored legislation to reduce risks of nuclear terrorism. Obama also sponsored

7150-460: The Dodd–Frank Act has improved financial stability and consumer protection , although there has been debate regarding its economic effects. In 2017, Federal Reserve Chairwoman Janet Yellen stated that "the balance of research suggests that the core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth." Some critics argue that it failed to provide adequate regulation to

7280-424: The Fed and what he regarded as their failure to protect consumers, Dodd voiced his opinion that "[...] I really want the Federal Reserve to get back to its core enterprises [...] We saw over the last number of years when they took on consumer protection responsibilities and the regulation of bank holding companies, it was an abysmal failure. So the idea that we're going to go back and expand those roles and functions at

7410-406: The House 233–186. Barney Frank said parts of the act were a mistake and supported the Economic Growth, Regulatory Relief and Consumer Protection Act . On March 14, 2018, the Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act exempting dozens of U.S. banks under a $ 250 billion asset threshold from the Dodd–Frank Act's banking regulations. On May 22, 2018,

7540-407: The House bill; it began as an amendment to the Senate bill from Dick Durbin and led to lobbying against it. The New York Times published a comparison of the two bills prior to their reconciliation. On June 25, 2010, conferees finished reconciling the House and Senate versions of the bills and four days later filed a conference report. The conference committee changed the name of the Act from

7670-449: The Illinois Senate in 1998, defeating Republican Yesse Yehudah in the general election, and was re-elected again in 2002. In 2000, he lost a Democratic primary race for Illinois's 1st congressional district in the United States House of Representatives to four-term incumbent Bobby Rush by a margin of two to one. In January 2003, Obama became chairman of the Illinois Senate's Health and Human Services Committee when Democrats, after

7800-471: The Illinois Senate in November 2004 following his election to the U.S. Senate. In May 2002, Obama commissioned a poll to assess his prospects in a 2004 U.S. Senate race. He created a campaign committee, began raising funds, and lined up political media consultant David Axelrod by August 2002. Obama formally announced his candidacy in January 2003. Obama was an early opponent of the George W. Bush administration's 2003 invasion of Iraq . On October 2, 2002,

7930-574: The Menteng Dalam neighborhood in the Tebet district of South Jakarta . From 1970, they lived in a wealthier neighborhood in the Menteng district of Central Jakarta . At the age of six, Obama and his mother had moved to Indonesia to join his stepfather. From age six to ten, he was registered in school as "Barry" and attended local Indonesian-language schools: Sekolah Dasar Katolik Santo Fransiskus Asisi (St. Francis of Assisi Catholic Elementary School) for two years and Sekolah Dasar Negeri Menteng 01 (State Elementary School Menteng 01) for one and

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8060-414: The Obama family has attended several Protestant churches, including Shiloh Baptist Church and St. John's Episcopal Church , as well as Evergreen Chapel at Camp David , but the members of the family do not attend church on a regular basis. In 2016, Obama said that he gets inspiration from a few items that remind him "of all the different people I've met along the way", adding: "I carry these around all

8190-433: The Pittsburgh Steelers and rooted for them ahead of their victory in Super Bowl XLIII 12 days after he took office as president. In 2011, Obama invited the 1985 Chicago Bears to the White House; the team had not visited the White House after their Super Bowl win in 1986 due to the Space Shuttle Challenger disaster . He plays basketball , a sport he participated in as a member of his high school's varsity team, and he

8320-455: The SEC to create regulations that must be adopted by national stock exchanges, which in turn require publicly traded companies who wish to be listed on the exchange to have clawback policies. These policies require executives to return inappropriately awarded compensation, as set forth in section 953 regarding pay for performance, in the case of an accounting restatement due to noncompliance with reporting requirements. If an accounting restatement

8450-480: The SEC. Certain non-bank financial institutions and their subsidiaries will be supervised by the Fed in the same manner and to the same extent as if they were a bank holding company. To the extent that the Act affects all federal financial regulatory agencies, eliminating one (the Office of Thrift Supervision ) and creating two (Financial Stability Oversight Council and the Office of Financial Research) in addition to several consumer protection agencies, including

8580-402: The Senate bill was used as the base text although a few House provisions were included in the bill's base text. The final bill passed the Senate in a vote of 60-to-39, the minimum margin necessary to defeat a filibuster . Olympia Snowe , Susan Collins , and Scott Brown were the only Republican senators who voted for the bill, while Russ Feingold was the lone Senate Democrat to vote against

8710-498: The Senate's subcommittee on European Affairs . As a member of the Senate Foreign Relations Committee, Obama made official trips to Eastern Europe, the Middle East, Central Asia, and Africa. He met with Mahmoud Abbas before Abbas became President of the Palestinian National Authority and gave a speech at the University of Nairobi in which he condemned corruption within the Kenyan government. Obama resigned his Senate seat on November 16, 2008, to focus on his transition period for

8840-407: The United States by improving accountability and transparency in the financial system, to end "too big to fail," to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. The Act changes the existing regulatory structure, by creating a number of new agencies (while merging and removing others) in an effort to streamline

8970-408: The White House —submitted an amendment limiting that access and ability to nominate directors only to single shareholders who have over 5 percent of the company and have held the stock for at least two years. The " Durbin amendment " is a provision in the final bill aimed at reducing debit card interchange fees for merchants and increasing competition in payment processing. The provision was not in

9100-417: The aftermath of the Great Recession , and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry. Responding to widespread calls for changes to the financial regulatory system, in June 2009, President Barack Obama introduced a proposal for a "sweeping overhaul of the United States financial regulatory system, a transformation on

9230-564: The aid of a scholarship from fifth grade until he graduated from high school in 1979. In high school, Obama continued to use the nickname "Barry" which he kept until making a visit to Kenya in 1980. Obama lived with his mother and half-sister, Maya Soetoro , in Hawaii for three years from 1972 to 1975 while his mother was a graduate student in anthropology at the University of Hawaii. Obama chose to stay in Hawaii when his mother and half-sister returned to Indonesia in 1975, so his mother could begin anthropology field work. His mother spent most of

9360-524: The auspices of bipartisan compromise stating “(y)ou’re given very few moments in history to make this kind of a difference, and we're trying to do that." Put another way, Dodd construed the lack of Republican amendments as a sign "[...] that the bill is a strong one". Richard Shelby , the top-ranking Republican on the Senate Banking Committee and the one who proposed the changes to the Fed governance, voiced his reasons for why he felt

9490-704: The bill were introduced in the House of Representatives by then–financial services committee chairman Barney Frank , and in the Senate Banking Committee by former chairman Chris Dodd . The initial version of the bill passed the House largely along party lines in December by a vote of 223 to 202, and passed the Senate with amendments in May 2010 with a vote of 59 to 39 again largely along party lines. The bill then moved to conference committee , where

9620-445: The bill. One provision on which the White House did not take a position and remained in the final bill allows the SEC to rule on " proxy access "—meaning that qualifying shareholders, including groups, can modify the corporate proxy statement sent to shareholders to include their own director nominees, with the rules set by the SEC. This rule was unsuccessfully challenged in conference committee by Chris Dodd, who—under pressure from

9750-548: The board of directors from 1995 to 1999. Obama's law license became inactive in 2007. Obama was elected to the Illinois Senate in 1996, succeeding Democratic State Senator Alice Palmer from Illinois's 13th District , which, at that time, spanned Chicago South Side neighborhoods from Hyde Park–Kenwood south to South Shore and west to Chicago Lawn . Once elected, Obama gained bipartisan support for legislation that reformed ethics and health care laws. He sponsored

9880-470: The board or CEO or reasons for selecting new ones to keep shareholders informed. Provisions from Dodd–Frank found in section 922 also address whistle blower protection. Under new regulations any whistleblowers who voluntarily expose inappropriate behavior in public corporations can be rewarded with substantial compensation and will have their jobs protected. Regulations entitle whistleblowers to between ten and thirty percent of any monetary sanctions put on

10010-769: The broader context of separation of powers in European Union law . This perspective has gained ground after the unraveling of the Libor scandal in July 2012, with mainstream opinion leaders such as the Financial Times editorialists calling for the adoption of an EU-wide "Glass Steagall II" . An editorial in the Wall Street Journal speculated that the law would make it more expensive for startups to raise capital and create new jobs; other opinion pieces suggest that such an impact would be due to

10140-500: The canyon floors. Wildlife species include mule deer , some mountain lions , black bear and bighorn sheep . This diverse canyon country contains arches , springs, seeps and hanging gardens. Water sources in Dark Canyon are often widely separated, and some have dried up entirely in recent drought years. Thunderstorms can result in powerful flash floods that scour the canyon streambeds. Wilderness visitors may see evidence of

10270-531: The changes needed to be made: "It's an obvious conflict of interest [...] It's basically a case where the banks are choosing or having a big voice in choosing their regulator. It's unheard of." Democratic Senator Jack Reed agreed, saying "The whole governance and operation of the Federal Reserve has to be reviewed and should be reviewed. I don't think we can just assume, you know, business as usual." Barney Frank , who in 2003 told auditors warning him of

10400-619: The church. So I came to my Christian faith later in life, and it was because the precepts of Jesus Christ spoke to me in terms of the kind of life that I would want to lead—being my brothers' and sisters' keeper, treating others as they would treat me . Obama met Trinity United Church of Christ pastor Jeremiah Wright in October 1987 and became a member of Trinity in 1992. During Obama's first presidential campaign in May 2008, he resigned from Trinity after some of Wright's statements were criticized . Since moving to Washington, D.C., in 2009,

10530-407: The coming weeks and months, I am looking forward to reaching out and working with leaders of both parties." Dodd%E2%80%93Frank Wall Street Reform and Consumer Protection Act The Dodd–Frank Wall Street Reform and Consumer Protection Act , commonly referred to as Dodd–Frank , is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in

10660-457: The committee to be considered independent. Some of the areas examined for conflicts of interest include other services provided by advisors, personal relationships between advisors and shareholders, advisor fees as a percentage of their company's revenue, and advisors' stock holdings. These provisions also cover advisors and legal teams serving compensation committees by requiring proxy statements to disclose any compensation consultants and include

10790-649: The company are permitted to hold a short position on any equity shares of the company. This applies to both employees and directors who are compensated with company stock as well as those who are simply owners of company stock. The SEC proposed rules regarding hedging in February 2015. Section 957 deals with broker voting and relates to section 951 dealing with executive compensation. While section 951 requires say on pay and golden parachute votes from shareholders, section 957 requires national exchanges to prohibit brokers from voting on executive compensation. In addition,

10920-444: The compensation committees of publicly traded companies listed on these exchanges. Under these standards national stock exchanges are prohibited from listing public companies that do not have an independent compensation committee. To insure that compensation committees remain independent, the SEC is required to identify any areas that may create a potential conflict of interest and work to define exactly what requirements must be met for

11050-702: The corporation above one million dollars. These provisions also enact anti-retaliation rules that entitle whistleblowers the right to have a jury trial if they feel they have been wrongfully terminated as a result of whistleblowing. If the jury finds that whistleblowers have been wrongfully terminated, then they must be reinstated to their positions and receive compensation for any back-pay and legal fees. This rule also applies to any private subsidiaries of public corporations. The SEC put these regulations in place in May 2011. Section 971 of Dodd–Frank deals with proxy access and shareholders' ability to nominate candidates for director positions in public companies. Provisions in

11180-489: The day President Bush and Congress agreed on the joint resolution authorizing the Iraq War , Obama addressed the first high-profile Chicago anti-Iraq War rally , and spoke out against the war. He addressed another anti-war rally in March 2003 and told the crowd "it's not too late" to stop the war. Decisions by Republican incumbent Peter Fitzgerald and his Democratic predecessor Carol Moseley Braun not to participate in

11310-490: The decisions of the board, failure to give the results of votes due consideration can cause negative shareholder reactions. Regulations covering these requirements were implemented in January 2011 and took effect in April 2011. Section 952 of Dodd–Frank deals with independent compensation committees as well as their advisors and legal teams. These provisions require the SEC to make national stock exchanges set standards for

11440-398: The election resulted in wide-open Democratic and Republican primary contests involving 15 candidates. In the March 2004 primary election, Obama won in an unexpected landslide—which overnight made him a rising star within the national Democratic Party , started speculation about a presidential future, and led to the reissue of his memoir, Dreams from My Father . In July 2004, Obama delivered

11570-422: The exemption from regulation for security-based swaps , requiring credit-default swaps and other transactions to be cleared through either exchanges or clearinghouses. Other provisions affect issues such as corporate governance , 1256 Contracts , and credit rating agencies . Dodd–Frank is generally regarded as one of the most significant laws enacted during the presidency of Barack Obama . Studies have found

11700-406: The expense of the vitality of the core functions that they're designed to perform is going in the wrong way." However, Dodd pointed out that the transfer of powers from the Fed to other agencies should not be construed as criticism of Fed Chairman Ben Bernanke , but rather that "[i]t's about putting together an architecture that works". Dodd felt it would be a “huge mistake” to craft the bill under

11830-639: The federal government unprecedented, unchecked power. The lawsuit was amended on September 20, 2012, to include the states of Oklahoma , South Carolina , and Michigan as plaintiffs. The states asked the court to review the constitutionality of the Orderly Liquidation Authority established under Title II of Dodd–Frank. In February 2013 Kansas attorney general Derek Schmidt announced that Kansas along with Alabama , Georgia , Ohio , Oklahoma , Nebraska , Michigan , Montana , South Carolina , Texas , and West Virginia would join

11960-579: The financial industry; others, such as the American Action Forum and RealClearPolicy , argued that the law had a negative impact on economic growth and small banks. In 2018, parts of the law were repealed and rolled back by the Economic Growth, Regulatory Relief, and Consumer Protection Act . The 2007–2008 financial crisis led to widespread calls for changes in the regulatory system. In June 2009, President Obama introduced

12090-642: The first sitting U.S. president to publicly support same-sex marriage . Obama left office in 2017 with high approval ratings both within the United States and among foreign advisories. He continues to reside in Washington D.C. and remains politically active, campaigning for candidates in various American elections, including Biden's successful presidential bid in 2020 . Outside of politics, Obama has published three books : Dreams from My Father (1995) , The Audacity of Hope (2006), and A Promised Land (2020). His presidential library began construction in

12220-567: The first time. Despite being offered a full scholarship to Northwestern University School of Law , Obama enrolled at Harvard Law School in the fall of 1988, living in nearby Somerville, Massachusetts . He was selected as an editor of the Harvard Law Review at the end of his first year, president of the journal in his second year, and research assistant to the constitutional scholar Laurence Tribe while at Harvard. During his summers, he returned to Chicago, where he worked as

12350-583: The former governor of Massachusetts, and Representative Paul Ryan of Wisconsin. On November 6, 2012, Obama won 332 electoral votes, exceeding the 270 required for him to be reelected as president. With 51.1 percent of the popular vote, Obama became the first Democratic president since Franklin D. Roosevelt to win the majority of the popular vote twice. Obama addressed supporters and volunteers at Chicago's McCormick Place after his reelection and said: "Tonight you voted for action, not politics as usual. You elected us to focus on your jobs, not ours. And in

12480-777: The health care system . Numerous candidates entered the Democratic Party presidential primaries . The field narrowed to Obama and Senator Hillary Clinton after early contests, with the race remaining close throughout the primary process, but Obama gained a steady lead in pledged delegates due to better long-range planning, superior fundraising, dominant organizing in caucus states, and better exploitation of delegate allocation rules. On June 2, 2008, Obama had received enough votes to clinch his nomination. After an initial hesitation to concede, on June 7, Clinton ended her campaign and endorsed Obama. On August 23, 2008, Obama announced his selection of Delaware Senator Joe Biden as his vice presidential running mate. Obama selected Biden from

12610-658: The implementation of the Affordable Care Act and other legislation passed in his first term. He negotiated the Joint Comprehensive Plan of Action , a nuclear agreement with Iran, and normalized relations with Cuba . The number of American soldiers in Afghanistan decreased during Obama's second term, though U.S. soldiers remained in the country throughout the remainder of his presidency. Obama promoted inclusion for LGBT Americans , becoming

12740-577: The keynote address at the 2004 Democratic National Convention , seen by nine million viewers. His speech was well received and elevated his status within the Democratic Party. Obama's expected opponent in the general election, Republican primary winner Jack Ryan , withdrew from the race in June 2004. Six weeks later, Alan Keyes accepted the Republican nomination to replace Ryan. In the November 2004 general election , Obama won with 70 percent of

12870-421: The law passed in the House of Representatives. On May 24, 2018, President Trump signed the partial repeal into law. The Dodd-Frank Wall Street Reform and Consumer Protection Act is categorized into 16 titles and, by one law firm's count, it requires that regulators create 243 rules, conduct 67 studies, and issue 22 periodic reports. The stated aim of the legislation is To promote the financial stability of

13000-512: The lawsuit. The second amended complaint included those new states as plaintiffs. On August 1, 2013, U.S. District Judge Ellen Segal Huvelle dismissed the lawsuit for lack of standing . In July 2015, the Court of Appeals for the District of Columbia Circuit affirmed in part and reversed in part, holding that the bank, but not the states that later joined the lawsuit, had standing to challenge

13130-536: The listing rules set forth by the NYSE and NASDAQ regarding provisions from section 957 in September 2010. Additional provisions set forth by Dodd–Frank in section 972 require public companies to disclose in proxy statements reasons for why the current CEO and chairman of the board hold their positions. The same rule applies to new appointments for CEO or chairman of the board . Public companies must find reasons supporting their decisions to retain an existing chairman of

13260-492: The median employee compensation excluding CEO compensation, along with ratios comparing levels of compensation between the two. Regulations regarding pay for performance were proposed by the SEC in September 2013 and were adopted in August 2015. Section 954 of Dodd–Frank deals with clawback of compensation policies, which work to ensure that executives do not profit from inaccurate financial reporting. These provisions require

13390-461: The next two decades in Indonesia, divorcing Lolo Soetoro in 1980 and earning a PhD degree in 1992, before dying in 1995 in Hawaii following unsuccessful treatment for ovarian and uterine cancer . Of his years in Honolulu, Obama wrote: "The opportunity that Hawaii offered — to experience a variety of cultures in a climate of mutual respect — became an integral part of my world view, and

13520-616: The presidency. On February 10, 2007, Obama announced his candidacy for President of the United States in front of the Old State Capitol building in Springfield, Illinois . The choice of the announcement site was viewed as symbolic, as it was also where Abraham Lincoln delivered his "House Divided" speech in 1858. Obama emphasized issues of rapidly ending the Iraq War, increasing energy independence , and reforming

13650-415: The provisions in this section prevent brokers from voting on any major corporate governance issue as determined by the SEC including the election of board members. This gives shareholders more influence on important issues since brokers tend to vote shares in favor of executives. Brokers may only vote shares if they are directly instructed to do so by shareholders associated with the shares. The SEC approved

13780-474: The reforms as haphazard and dangerous, saying, "To some degree, it looks like they're just blowing up everything for the sake of change. . . . If this were to happen, the regulatory system would be in chaos for years. You have to look at the real-world impact of this." The Securities Industry and Financial Markets Association (SIFMA)—the "top Wall Street lobby"—has expressed support for the law, and has urged Congress not to change or repeal it in order to prevent

13910-485: The regulations should be. This will allow the SEC to implement new regulations over several years and make adjustments as it analyzes the environment. Public companies will have to work to adopt new policies in order to adapt to the changing regulatory environment they will face over the coming years. Section 951 of Dodd–Frank deals with executive compensation. The provisions require the SEC to implement rules that require proxy statements for shareholder meetings to include

14040-656: The regulatory agencies currently involved in monitoring the financial system ( Federal Deposit Insurance Corporation (FDIC), U.S. Securities and Exchange Commission (SEC), Office of the Comptroller of the Currency (OCC), Federal Reserve (the "Fed"), the Securities Investor Protection Corporation (SIPC), etc.), and the final elimination of the Office of Thrift Supervision (further described in Title III—Transfer of Powers to

14170-496: The regulatory process, increasing oversight of specific institutions regarded as a systemic risk, amending the Federal Reserve Act , promoting transparency, and additional changes. The Act's intentions are to provide rigorous standards and supervision to protect the economy and American consumers, investors and businesses; end taxpayer-funded bailouts of financial institutions; provide for an advanced warning system on

14300-509: The required liquid coverage ratio. Continental European scholars have also discussed the necessity of far-reaching banking reforms in light of the current crisis of confidence, recommending the adoption of binding regulations that would go further than Dodd–Frank—notably in France where SFAF and World Pensions Council (WPC) banking experts have argued that, beyond national legislations , such rules should be adopted and implemented within

14430-483: The results of current plans and explain future goals. Important new agencies created include the Financial Stability Oversight Council , the Office of Financial Research , and the Bureau of Consumer Financial Protection . Of the existing agencies, changes are proposed, ranging from new powers to the transfer of powers in an effort to enhance the regulatory system. The institutions affected by these changes include most of

14560-403: The retention of committee advisors. These regulations were approved by the SEC in 2013 and took full effect in early 2014. Section 953 of Dodd–Frank deals with pay for performance policies to determine executive compensation. Provisions from this section require the SEC to make regulations regarding the disclosure of executive compensation as well as regulations on how executive compensation

14690-511: The risk caused by government subsidies in the mortgage market, "I want to roll the dice a little bit more in this situation toward subsidized housing" proposed his own legislative package of financial reforms in the House , did not comment on the Stability Act directly, but rather indicated that he was pleased that reform efforts were happening at all: "Obviously, the bills aren't going to be identical, but it confirms that we are moving in

14820-614: The rule later in January 2010, after the House bill had passed. The rule, which prohibits depository banks from proprietary trading (similar to the prohibition of combined investment and commercial banking in the Glass–Steagall Act ), was passed only in the Senate bill, and the conference committee enacted the rule in a weakened form, Section 619 of the bill, that allowed banks to invest up to 3 percent of their tier 1 capital in private equity and hedge funds as well as trade for hedging purposes. On December 2, 2009, revised versions of

14950-529: The same direction and reaffirms my confidence that we are going to be able to get an appropriate, effective reform package passed very soon." During a Senate Republican press conference on April 21, 2010, Richard Shelby reported that he and Dodd were meeting "every day" and were attempting to forge a bipartisan bill. Shelby also expressed his optimism that a "good bill" will be reached, and that "we're closer than ever." Saxby Chambliss echoed Shelby's sentiments, saying, "I feel exactly as Senator Shelby does about

15080-407: The section allow shareholders to use proxy materials to contact and form groups with other shareholders in order to nominate new potential directors. In the past, activist investors had to pay to have materials prepared and mailed to other investors in order to solicit their help on issues. Any shareholder group that has held at least three percent of voting shares for a period of at least three years

15210-487: The seventeenth century. Obama's father, Barack Obama Sr. (1934–1982), was a married Luo Kenyan from Nyang'oma Kogelo . His last name, Obama, was derived from his Luo descent. Obama's parents met in 1960 in a Russian language class at the University of Hawaiʻi at Mānoa , where his father was a foreign student on a scholarship. The couple married in Wailuku, Hawaii , on February 2, 1961, six months before Obama

15340-408: The speech was viewed by over three million people worldwide. During both the primary process and the general election, Obama's campaign set numerous fundraising records, particularly in the quantity of small donations. On June 19, 2008, Obama became the first major-party presidential candidate to turn down public financing in the general election since the system was created in 1976. John McCain

15470-503: The stability of the economy; create new rules on executive compensation and corporate governance; and eliminate certain loopholes that led to the 2008 economic recession. The new agencies are either granted explicit power over a particular aspect of financial regulation, or that power is transferred from an existing agency. All of the new agencies, and some existing ones that are not currently required to do so, are also compelled to report to Congress on an annual (or biannual) basis, to present

15600-551: The time. I'm not that superstitious, so it's not like I think I necessarily have to have them on me at all times." The items, "a whole bowl full", include rosary beads given to him by Pope Francis , a figurine of the Hindu deity Hanuman , a Coptic cross from Ethiopia, a small Buddha statue given by a monk, and a metal poker chip that used to be the lucky charm of a motorcyclist in Iowa. He joined Davis, Miner, Barnhill & Galland,

15730-562: The twenty-five percent cap. On July 12, 2012, the Competitive Enterprise Institute joined the State National Bank of Big Spring, Texas, and the 60 Plus Association as plaintiffs in a lawsuit filed in the U.S. District Court for the District of Columbia , challenging the constitutionality of provisions of Dodd–Frank. The complaint asked the court to invalidate the law, arguing that it gives

15860-691: The vote, the largest margin of victory for a Senate candidate in Illinois history. He took 92 of the state's 102 counties, including several where Democrats traditionally do not do well. Obama was sworn in as a senator on January 3, 2005, becoming the only Senate member of the Congressional Black Caucus . He introduced two initiatives that bore his name: Lugar–Obama, which expanded the Nunn–Lugar Cooperative Threat Reduction concept to conventional weapons; and

15990-708: Was awarded the 2009 Nobel Peace Prize , a decision that drew both criticism and praise. His first-term actions addressed the 2007–2008 financial crisis and included the American Recovery and Reinvestment Act of 2009 , a major stimulus package to guide the economy in recovering from the Great Recession ; a partial extension of the Bush tax cuts ; legislation to reform health care ; the Dodd–Frank Wall Street Reform and Consumer Protection Act ,

16120-589: Was born in Honolulu , Hawaii. He graduated from Columbia University in 1983 with a Bachelor of Arts degree in political science and later worked as a community organizer in Chicago . In 1988, Obama enrolled in Harvard Law School , where he was the first black president of the Harvard Law Review . He became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004. In 1996, Obama

16250-510: Was born in Wichita, Kansas , and was of English, Welsh, German, Swiss, and Irish descent. In 2007 it was discovered her great-great-grandfather Falmouth Kearney emigrated from the village of Moneygall, Ireland to the U.S. in 1850. In July 2012, Ancestry.com found a strong likelihood that Dunham was descended from John Punch , an enslaved African man who lived in the Colony of Virginia during

16380-484: Was born in 1998, followed by a second daughter, Natasha ("Sasha"), in 2001. The Obama daughters attended the University of Chicago Laboratory Schools . When they moved to Washington, D.C., in January 2009, the girls started at the Sidwell Friends School . The Obamas had two Portuguese Water Dogs ; the first, a male named Bo , was a gift from Senator Ted Kennedy . In 2013, Bo was joined by Sunny ,

16510-559: Was born. In late August 1961, a few weeks after he was born, Barack and his mother moved to the University of Washington in Seattle , where they lived for a year. During that time, Barack's father completed his undergraduate degree in economics in Hawaii, graduating in June 1962. He left to attend graduate school on a scholarship at Harvard University , where he earned an M.A. in economics. Obama's parents divorced in March 1964. Obama Sr. returned to Kenya in 1964, where he married for

16640-469: Was elected to represent the 13th district in the Illinois Senate , a position he held until 2004, when he successfully ran for the U.S. Senate . In the 2008 presidential election , after a close primary campaign against Hillary Clinton , he was nominated by the Democratic Party for president. Obama selected Joe Biden as his running mate and defeated Republican nominee John McCain . Obama

16770-444: Was employed at Sidley Austin . Robinson was assigned for three months as Obama's adviser at the firm, and she joined him at several group social functions but declined his initial requests to date. They began dating later that summer, became engaged in 1991, and were married on October 3, 1992. After suffering a miscarriage, Michelle underwent in vitro fertilization to conceive their children. The couple's first daughter, Malia Ann,

16900-524: Was nominated as the Republican candidate, and he selected Sarah Palin as his running mate. Obama and McCain engaged in three presidential debates in September and October 2008. On November 4, Obama won the presidency with 365 electoral votes to 173 received by McCain. Obama won 52.9 percent of the popular vote to McCain's 45.7 percent. He became the first African-American to be elected president. Obama delivered his victory speech before hundreds of thousands of supporters in Chicago's Grant Park . He

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