President pushes Congress on financial reform

This week’s Address was all about the pending regulatory legislation, which crossed a significant hurdle Friday as Congress reached an agreement on a set of reforms. What’s in the bill? ABC News has a breakdown of the bill’s makeup. Among the reforms are:

  • The creation of a new Consumer Protection Agency
  • Free credit scores
  • New debit card rules
  • Tougher auto financing rules
  • Wall Street Reforms, which include the creation of an Office of Credit Ratings, regulations on CEO pay, and requiring that derivatives be traded on public exchanges

(article, “Top 6 Changes That Financial Reform Brings To Consumers,” by Dalia Fahmy, ABC News)

You can learn more about these proposed changes by reading the ABC News article here.

Explaining the pending financial reforms bill, President Obama listed some of the benefits from what he says are the “toughest financial reforms since the Great Depression”:

“We’ll put in place the strongest consumer financial protections in American history, and create an independent agency with an independent director and an independent budget to enforce them. Credit card companies will no longer be able to mislead you with pages and pages of fine print. You will no longer be subject to all kinds of hidden fees and penalties, or the predatory practices of unscrupulous lenders.”

And now, the President Weekly Address:

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