Obama outlines financial regulatory overhaul - The Business Review (Albany):

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In his speech, the president said the goal isto “restored markets in which we reward hard work and not recklessness and greed – in whichj honest, vigorous competition in the system is prized, and thoses who game the system are thwarted.” Amongg other things, the president’s plan requirea all financial firms that post a significant risk to the financiall system at large to be overseen by consolidated supervision and regulation. An 89-pagwe report by the notes thatthe “roots of the economic crisis go back decades. Years withouty a serious economic recessionn bred complacency among financial intermediaries and thereport reads.
Rather than scrap the entire system, Obama said the reforms “pinpoingt the structural weaknesses that allowed for this crisizs and to make sure that these problems are dealtg to avertfuture crises.” Increase market disciplinwe and transparency to make markets strong enough to withstand system-wide stress and the potentialo failure of one or more large financial institutions. Rebuild trust in the marketx by creating the Consumer FinancialProtectio Agency. Provide the government with the toolsd needed to manage financial crises so it is not forced to choose between bailouts and financial Raise international regulatory standards and improvesinternational coordination.