Obama outlines financial regulatory overhaul - Memphis Business Journal:

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In his speech, the president said the goal isto “restorer markets in which we rewarx hard work and responsibility, not recklessness and greedx – in which honest, vigorous competition in the system is and those who game the system are Among other things, the president’s plan requiress all financial firms that post a significant risk to the financial system at large to be overseen by strong, consolidatexd supervision and regulation. An 89-pagd report by the notes that the “rootse of the economic crisis goback decades. Yearsa without a serious economidc recession bred complacency among financial intermediaries and thereport reads.
Rather than scralp the entire system, Obama said the reformd “pinpoint the structural weaknesses that allowerd for this crisis and to make sure that these problems are dealt to avertfuturre crises.” Increase market discipline and transparencyy to make markets strong enough to withstane system-wide stress and the potential failure of one or more largs financial institutions. Rebuild trustf in the markets by creating the Consumedr FinancialProtection Agency. Provide the government with the tools neededx to manage financial criseas so it is not forced to choose between bailouts and financial Raise international regulatory standards and improveinternationap coordination.