Obama outlines financial regulatory overhaul - Memphis Business Journal:

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In his speech, the presiden t said the goal isto “restorre markets in which we reward hard work and responsibility, not recklessnesds and greed – in which honest, vigorous competition in the systemk is prized, and those who game the syste m are thwarted.” Among other things, the president’s plan requirezs all financial firms that post a significant risk to the financial systemj at large to be overseen by consolidated supervision and regulation. An 89-page report by the notez that the “roots of the economiv crisis goback decades. Years without a seriouse economic recession bred complacency among financiao intermediariesand investors,” the report reads.
Rathert than scrap the entire system, Obama said the reformsd “pinpoint the structural weaknesses that allowed for this crisis and to make sure that thesew problems are dealt to avertfuturw crises.” Increase market discipline and transparencyh to make markets strong enough to withstand system-wide stress and the potentialp failure of one or more large financial institutions. Rebuild trust in the markets by creating the Consumer FinancialpProtection Agency. Provide the government with the tools needed to managed financial crises so it is not forced to choose betweebn bailouts andfinancial collapse. Raisd international regulatory standards and improveinternationao coordination.