Monday June 22, 2009
The Obama administration has unveiled a new regulatory reform plan aimed at bringing more stability to financial markets.
On Wednesday, the White House laid out a plan that includes a new Consumer Financial Protection Agency aimed at protecting consumer rights in credit, savings and payment markets.
With an eye on the increasingly complex financial transactions that helped bring about the recession, Obama also indicated that the Federal Reserve would receive more authority to regulate large financial institutions
"It is an indisputable fact that one of the most significant contributors to our economic downturn was a unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess," said the president.
Obama also acknowledged that his plan has drawn some early opposition, but he emphasized that the proposal had been developed with a broad range of input and that his plan would still encourage innovation in the financial industry.
In an Associated Press report, two key congressional chairmen, Rep. Barney Frank and Senator Chris Dodd, were quoted as saying that they would complete work on the proposed legislation this year.
(Nasdaq)
The Obama administration has unveiled a new regulatory reform plan aimed at bringing more stability to financial markets.
On Wednesday, the White House laid out a plan that includes a new Consumer Financial Protection Agency aimed at protecting consumer rights in credit, savings and payment markets.
With an eye on the increasingly complex financial transactions that helped bring about the recession, Obama also indicated that the Federal Reserve would receive more authority to regulate large financial institutions
"It is an indisputable fact that one of the most significant contributors to our economic downturn was a unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess," said the president.
Obama also acknowledged that his plan has drawn some early opposition, but he emphasized that the proposal had been developed with a broad range of input and that his plan would still encourage innovation in the financial industry.
In an Associated Press report, two key congressional chairmen, Rep. Barney Frank and Senator Chris Dodd, were quoted as saying that they would complete work on the proposed legislation this year.
(Nasdaq)
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