Communications can restore finance reputations

Much like this time last summer, criticism of President Obama and his administration is at a high for the year. His critics have called out the government response to the oil spill in the Gulf of Mexico, the stimulus results, Obama's reported waning popularity with the American public, and how badly they expect the Democrats to fare in the midterm elections.

Much like this time last summer, criticism of President Obama and his administration is at a high for the year.
His critics have called out the government response to the oil spill in the Gulf of Mexico, the stimulus results, Obama's reported waning popularity with the American public, and how badly they expect the Democrats to fare in the midterm elections.

Yet the Senate passed a landmark financial reform bill yesterday and, just four months ago, the House passed the healthcare reform bill. In the “winners and losers of financial reform” stories soon to publish, the Obama administration is a winner, once again reestablishing the President's reputation as a leader driven by change with two pieces of legislation under his belt.

These laws will redefine the respective industries, from health insurers to financial services companies, affected by these landmark pieces of legislation.

Obama says the new bill will protect Americans from the excesses of financial organizations and prevent future crises, introducing more protection for consumers, more power for regulators and limiting risky trading activities.

The communicators employed by financial and healthcare organizations face more than one uphill battle as they process each aspect of the hundreds of new regulations and incorporate them into daily communications.

For these companies, the steps they will take to communicate provide both battered industries with their first real opportunities to restore their reputations. Companies such as Goldman Sachs and Bank of America will have to look at almost every segment of their business and then work to inform consumers, policymaker, and investors.
With the passage of this legislation, which will affect the business strategies that financial services companies have in place, industry has its first real chance to rebuild consumer trust and reputation. Communicators at these companies, many of whom have earned their seat at the table during the economic downturn, should lead the rebuilding.

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