Obama says consumer agency will boost enforcement and make financial products understandable

October 13th, 2009 In Iowa, Vilsack touts local food, regulationDES MOINES, Iowa — Agriculture Secretary Tom Vilsack returned to Iowa on Tuesday to promote locally grown food and urge that states be given a key role in tighter regulation of the financial services industry. Vilsack, the state's governor for eight years, spoke Tuesday morning at a food security conference, saying his agency supported local food production that keeps consumers closer to the food supply.

October 9th, 2009 Obama to discuss Afghan war with advisersWASHINGTON — President Barack Obama will be calling on Americans to stand up to those who oppose a new Consumer Financial Protection Agency. At an afternoon event Friday in the East Room, Obama will also urge Congress to act quickly in passing a financial regulatory reform package by the end of the year.

September 23rd, 2009 Obama tries to reclaim debate on financial reformWASHINGTON — Treasury Secretary Timothy Geithner says he supports revisions to the administration's financial reform plan that were proposed by Rep. Barney Frank.

September 22nd, 2009 Congress wary of 'plain vanilla' bank proposalWASHINGTON — Congress is expected to reject President Barack Obama's proposed mandate that banks offer customers "plain vanilla" financial products, such as a 30-year fixed mortgage. The defeat would be a victory for the industry, which contends that such a proposal would give the government an unprecedented role in the marketplace.

August 14th, 2009 FDIC chief says parts of regulatory plan won't flyWASHINGTON — The head of the Federal Deposit Insurance Corp. is arguing against key pillars of the Obama administration's plan to overhaul the financial system, saying they would not survive in Congress and that she has better ideas.

July 31st, 2009 Obama picks former Kentucky congresswoman for CPSCWASHINGTON — The White House says President Barack Obama will nominate former Republican Rep. Anne Northup of Kentucky to a seat on the Consumer Product Safety Commission.

July 25th, 2009 Geithner, Bernanke at odds on consumer protectionWASHINGTON — Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke staked out opposing sides Friday in a turf war over who should protect Americans from shady mortgage lending, abusive credit card fees, payday loans and other high-cost or risky financial products. The White House wants to create a new Consumer Financial Protection Agency to oversee a vast range of financial products, stripping the Federal Reserve and other banking regulators of their current authority for policing them.

June 30th, 2009 A look at the proposed consumer financial watchdogA look at Obama's proposal to create a Consumer Financial Protection Agency: —The agency would oversee products used by consumers such as mortgages, credit cards, payday loans and terms on savings accounts. —The agency would be in charge of implementing a law passed by Congress this spring that protects consumers from sudden interest rate increases on unpaid credit card balances.

June 30th, 2009 Administration sends Congress consumer legislationWASHINGTON — President Barack Obama asked Congress on Tuesday to create a new agency to police the fine print on credit card bills and mortgage documents and determine what fees, penalties and interest rates are fair. The Consumer Financial Protection Agency would be in charge of regulating credit cards, savings accounts and mortgages in the same way other government agencies regulate the safety of drugs, food and toys.

June 25th, 2009 Geithner: administration pushing financial reformWASHINGTON — Treasury Secretary Timothy Geithner said Thursday the administration will send legislative language to Congress in the next few days to create a consumer financial products agency, one of the key parts of its overhaul plan. Following a meeting with the president's working group on financial markets, Geithner told reporters the administration was moving quickly to get the measure through Congress and to promote better coordination among regulators.

June 24th, 2009 Frank endorses consumer-protection agencyWASHINGTON — House Financial Services Chairman Barney Frank said Wednesday he supports the creation of a new government agency that would protect consumers from subprime mortgages and other high-risk financial products. The agency is a central component of President Barack Obama's broader plan to usher in a new era of regulations on banks and other financial institutions after lax oversight led to the worst economic crisis in decades.

June 23rd, 2009 Obama: Bernanke doing good jobWASHINGTON — President Barack Obama says Federal Reserve Chairman Ben Bernanke is doing a fine job under difficult circumstances but he declines to say whether he will reappoint the chairman in January. Obama said he would not make news about Bernanke at a White House press conference Tuesday.

June 19th, 2009 Summary Box: Banks seek to derail consumer agencyTHE PROPOSAL: As part of sweeping efforts to overhaul the financial system, the Obama administration wants to create a new agency to protect consumers from risky or deceptive products. THE DETAILS: The Consumer Financial Protection Agency, if approved by Congress, would have broad authority to protect consumers of credit, savings and other consumer financial products and services.

June 17th, 2009 Romer, Boehner, debate new financial regulationsWASHINGTON — White House adviser Christina Romer said Wednesday the Obama administration's proposal to overhaul the financial regulatory system should be accepted by Congress because "the status quo is not an option." At the same time, the leading House Republican Leader John Boehner said that while the GOP agrees on many aspects of financial regulatory change now being proposed, members of his party worry about the government taking too large a role. "If you look deeply ...

June 16th, 2009 Official: Obama to propose new consumer agencyWASHINGTON — An Obama administration official says the Treasury will propose the creation of a regulatory agency to protect consumers in their credit, savings and other banking transactions. The new agency is one of the central elements of President Barack Obama's overhaul of the financial regulatory system.