Sen. Barack Obama Speaks at Campaign Event in Green Bay, Wisconsin

I'll make our government open and transparent so that anyone can ensure that our business is the people's business. As Justice Louis Brandeis once said, sunlight is the greatest disinfectant. As President, I will make it impossible for Congressmen or lobbyists to slip pork-barrel projects or corporate welfare into laws when no one is looking because when I am president, meetings where laws are written will be more open to the public. No more secrecy.

When there is a bill that ends up on my desk as President, you will have five days to look online and find out what's in it before I sign it. When there are meetings between lobbyists and a government agency, we will put as many as possible online for every American to watch. When there is a tax bill being debated in Congress, you will know the names of the corporations that would benefit and how much money they would get. And we will put every corporate tax break and every pork-barrel project online for every American to see. You will know who asked for them and you can cast your vote accordingly.

The second set of reforms I'll make will eliminate the waste, fraud, and abuse in our government.

We are facing the largest deficit in history. We are facing the largest government bailout in history. And we are also facing some of the greatest challenges in our history. All of this will cost money - to fix our health care system, and our schools, and build a new energy economy. And the only way we can do all this without leaving our children with an even larger debt is if Washington starts taking responsibility for every dime that it spends.

We can start by ending a war in Iraq that is costing us $10 billion a month when the Iraqi government is sitting on a $79 billion surplus. We should also stop sending fifteen billion dollars a year in overpayments to insurance companies for Medicare and go after tens of billions of dollars in Medicare and Medicaid fraud. We need to stop sending three billion a year to banks that provide student loans the government could provide for less, and hundreds of millions a year in subsidies to agribusiness that can survive just fine without your tax dollars and use some of the money to help family farmers who are struggling. I will put an end to this waste when I am President.

I am not a Democrat who believes that we can or should defend every government program just because it's there. There are some that don't work like we had hoped - like the Bush Administration's billion- dollar-a-year reading program that hasn't improved our children's reading. And there are some that have been duplicated by other programs that we just need to cut back - like waste at the Economic Development Agency and the Export-Import Bank that has become little more than a fund for corporate welfare.

I understand there are parts of these programs worth defending and politicians of both parties who will do so. But if we hope to meet the challenges of our time, we must make difficult choices. As President, I will go through the entire federal budget, page by page, line by line, and I will eliminate the programs that don't work and aren't needed.

As for the programs we do need, I will make them work better and cost less. I will create a High-Performance Team that evaluates every agency and every office based on how well they're serving the American taxpayer. We will fire government managers who aren't getting results, we will cut funding for programs that are wasting your money, and we will use technology and lessons from the private sector to improve efficiency across every level of government - because we cannot meet twenty-first century challenges with a twentieth century bureaucracy.

I will also save billions of dollars by cutting private contractors and improving management of the hundreds of billions of dollars our government spends on private contracts, and I will end the abuse of no-bid contracts for good. One employee of a former Halliburton subsidiary actually admitted that he was ordered to put his company's logo on towels provided to U.S. troops because our government - our tax dollars - would pay for it no matter how much it cost. That is wasteful, that is wrong, and that will end when I am President.

And for all his talk about earmark abuse, what Senator McCain doesn't mention these days is the corporate abuse of our tax system - abuse that has cost far more than earmarks ever have. In 2003, loopholes and tax breaks allowed 28 major corporations to actually have negative tax liabilities. We lose $100 billion every year because corporations get to set up mailboxes offshore so they can avoid paying a dime of taxes in America. Imagine if you got to do that? There is a building right now in the Cayman Islands that is the address for 18,000 corporations. Well that is either the biggest building in the world or the biggest sham in the world, and I think we know which one it is. I will shut down those offshore tax havens and all those corporate loopholes as President, because you shouldn't have to pay higher taxes because some big corporation cut corners to avoid paying theirs. All of us have a responsibility to pay our fair share. That's putting country first.

Finally, the third set of reforms I will pursue are the updated, common-sense regulations of the financial market that I've been calling for since March; rules of the road that will make Wall Street fair, open, and honest; that will ensure a crisis like this can never happen again.

I've outlined six principles that such reforms should follow. First, if you're a financial institution that can borrow from the government, you should be subject to government oversight and supervision. Taxpayers who have now been called upon to spend nearly a trillion dollars to save our economy from the excesses of Wall Street have every right to expect that financial institutions are not taking excessive risks.

Second, we need to reform requirements on all regulated financial institutions, investigate rating agencies and potential conflicts of interest with the people they are rating, and establish transparency requirements that demand full disclosure by financial institutions to shareholders.

Third, we need to streamline our overlapping and competing regulatory agencies that cannot oversee the large and complex institutions that dominate the financial landscape.

Fourth, we need to regulate institutions for what they do, not what they are. Over the last few years, commercial banks and thrift institutions were subject to guidelines on subprime mortgages that did not apply to mortgage brokers and companies. This regulatory framework failed to protect homeowners, and made no sense for our financial system.

Fifth, we need to crack down on trading activity that crosses the line to market manipulation. We need regulators that actually enforce the rules instead of overlooking them. The SEC should investigate and punish all market manipulation.

Sixth, we must establish a process that identifies systemic risks to the financial system like the crisis that has overtaken our economy. We need a standing financial market advisory group to meet regularly and provide advice to the President, Congress, and regulators on the state of our financial markets and the risks they face. It's time to anticipate risks before they erupt into a full- blown crisis.

These are the principles that should guide the reforms we need to establish a 21st century regulatory system - a system that recognizes our free market economy has only worked because we have guided the market's invisible hand with a higher principle - that America prospers when all Americans can prosper.

To restore this prosperity, we must change Washington. We must reform our regulations, our politics, and our government, but we will not be able to make these changes with the same policies, the same lobbyists, or the same Washington culture that allows politicians and special interests to set their own agenda.

That's exactly what we will get from John McCain. After twenty- six years of being part of this Washington culture, all that he has changed is his slogan for the fall campaign. And the people in charge of that campaign prove that if we elect John McCain, it's not a team of mavericks we'll be sending to the White House - it's a team of lobbyists.

We can't afford four more years of that kind of politics. We need real change.

It won't be easy. The kind of change we're looking for never is. What we are up against is a very powerful, entrenched status quo in Washington who will say anything and do anything and fight with everything they've got to keep things just the way are.

But I feel good about our chances, because I've got something more powerful than they do: I've got you. In this campaign, you have already shown what history teaches us - that at defining moments like this one, the change we need doesn't come from Washington. Change comes to Washington.

Change has always come from places like Wisconsin - the state where the progressive movement was born; where laws were passed to regulate the railroads and insurance companies; laws that protected consumers and the safety of factory workers. It was a movement rooted in a principle that was known as the Wisconsin Idea - the idea that government works best in the hands of the people, not the special interests; that your voices should speak louder than the whispers of lobbyists.

That's the Wisconsin idea. That's the America idea. And that's the kind of government we need right now.

So if you want the next four years in Washington to look just like the last eight, then I am not your candidate. But if you want real change - if you want to shine a bright light into the backrooms of Washington; if you want to replace the special interests with your interests, if you want a government that costs less and works better for everyday Americans, then I ask you to knock on some doors, and make some calls, and talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you - we will change America together. Thank you.

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