Remarks of President Obama — Consumer Financial Protection Event

by Sabrina I. Pacifici on October 10, 2009

Remarks of President Barack Obama – As Prepared For Delivery Consumer Financial Protection Event, October 9, 2009: “The new Consumer Financial Protection Agency that I’ve asked Congress to create will have just one mission: to look out for the financial interests of ordinary Americans. It will be charged with setting clear rules of the road for consumers and banks, and it will be able to enforce those rules across the board. This agency will have the power to make certain that consumers get information that is clear and concise — in plain language — so they can compare products and know exactly what they’re getting themselves into. It will ensure that banks and other firms can’t hide behind these ridiculously confusing contracts — pages and pages of fine print that nobody can figure out. 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.”

  • White Paper – Obama Administration Fights for American Families: Protecting Consumers, Investors, and Taxpayers: “Over the past year, America has faced the worst financial crisis since the Great Depression, leaving millions of Americans struggling with unemployment, businesses failing, home prices falling, and savings plummeting. Financial regulatory reform represents a common sense change in the way government interacts with both Wall Street and Main Street which will ensure we don’t go back to the kinds of abuse and irresponsibility that helped to cause this crisis. It is time to restore responsibility and accountability to our financial system and provide Americans with the confidence that there is a system in a place that works for and protects them – not just the banks, hedge funds and other financial institutions.”
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