The President explains that while he continues to focus on jobs, it is also profoundly important to address the problems that created this economic mess in the first place. He commends the House of Representatives for passing reforms to our financial system, including a new Consumer Financial Protection Agency, and blasts Republican Leaders and financial industry lobbyists for their joint pep rally to defeat it.
Category Archives: Consumer Financial Protection Agency
With the next G20 Summit approaching in Pittsburgh, the President goes over the progress in stemming a global economic crisis. He discusses the impact of the Recovery Act, and pledges that lobbyists for big Wall Street banks will not prevent real reform for the future, including a new Consumer Financial Protection Agency.
The President explains his plan to address one of the major causes of the current economic crisis — the breakdown of oversight leading to widespread abuses in the financial world. The new Consumer Financial Protection Agency will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules. This is a cornerstone in Americas new economic foundation.