President Obama Discusses New Consumer Financial Protection Agency

by Sabrina I. Pacifici on June 21, 2009

Weekly Address, June 20, 2009: President Obama Highlights Tough New Consumer Protections: “…one of the most important proposals is a new oversight agency called the Consumer Financial Protection Agency [proposed in the White House Financial Regulatory Reform Plan]. It’s charged with just one job: looking out for the interests of ordinary Americans in the financial system. This is essential, for this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans, and other financial instruments…This new agency will have the responsibility to change that. It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want – and actually understand. Those ridiculous contracts – pages of fine print that no one can figure out – will be a thing of the past. You’ll be able to compare products – with descriptions in plain language – to see what is best for you. The most unfair practices will be banned. The rules will be enforced.”

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