Obama calls on congress to pass tough new regulations for financial institutions

[babylonsister]

Obama: Financial sector needs stronger regulations

Obama calls on congress to pass tough new regulations for financial institutions

JIM KUHNHENN
AP News

Feb 25, 2009 12:05 EST


President Barack Obama is calling on Congress to pass strong financial sector regulation and oversight to prevent future crises and restore "accountability, transparency and trust in our financial markets."

In remarks prepared for delivery Wednesday afternoon, the president offers no specific regulatory framework, but calls for "core principles." Among them are consumer protections, accountability for executives and a regulatory plan that covers a broad series of financial transactions that have escaped regulation in the past.

Obama was scheduled to meet Wednesday with Treasury Secretary Timothy Geithner and with the chairmen and ranking Republicans of the House and Senate committees that would be charged with drafting the regulations.

"Let me be clear: the choice we face is not between an oppressive government-run economy and a chaotic and unforgiving capitalism," Obama says, according to remarks obtained by the Associated Press. "Rather, strong financial markets require clear rules of the road, not to hinder financial institutions, but to protect consumers and investors."

An administration official said Obama wants Congress to work on the regulatory overhaul in the next several weeks, before April's meeting of the world's 20 major economies. The official spoke on the condition of anonymity because the Wednesday session had not yet occurred.

more...

http://www.talkingpointsmemo.com/news/2009/02/obama_financial_sector_needs_stronger_regulations.php

[spanone]

1. he's gettin' ready to piss off the banks and wall street...

GObama

[aquart]

2. You mean like Glass Steagall and outlawing derivatives?

Rules we had and tossed?