President Obama Speaks on Financial Reform and the Consumer Financial Protection Agency

President Obama's Saturday morning address was devoted to the need for financial reform legislation.  A significant proportion of his address urged the establishment of a truly independent Consumer Financial Protection Agency. The President said that the CFPA was a key component of any meaningful financial reform. He spoke favorably of the Senate bill recently introduced by Senator Dodd. But a number of posts to this blog --- here, here, here, and here --- have claimed that the Dodd bill is weaker than the legislation passed by the House, among other reasons because it would place the CFPA within the Federal Reserve and give banking regulators veto power over its regulations.  View the President's address:

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the the CFPA is the need of the hour. no doubt it is not so easy. a number of pros and cons need to be taken into consideration, before the final decision. let's hope, the right decision is taken.

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It will have the ability to enforce and build on the credit card reforms we passed earlier this year, so that consumers aren't hit with unfair rate hikes and penalties, or hidden charges. It will require brokers to look out for the interests of families if they give advice about mortgages. And it will ensure transparency and fair dealing for other financial products, like bank overdraft services and payday loans.
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I really hope (and try to believe) that Obama will use his power, and do good as well as he did in the inner country reforms. The Middle East will be happy with his help for a better economical and peaceful future..

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Yes, we definately need some fiscal responsibility... not just on the part of consumers but of government as well... our deficit is out of this world... and growing!

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A significant proportion of his address urged the establishment of a truly independent Consumer Financial Protection Agency.

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When he gave the speech, the idea seemed great, the truth is giving this president turns the world uses, and that was what we needed a president who was worth!

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A significant proportion of his address urged the establishment of a truly independent Consumer Financial Protection Agency.