Official: Obama wants new agency to protect consumers in their financial transactions

October 15th, 2009 The whys and hows of regulations on derivativesWASHINGTON — A House bill would impose new restrictions on a series of complicated financial transactions that had traded in private markets around the world without regulations. One type of these specialized derivative instruments, called credit default swaps, was blamed for the crisis that hit Wall Street last year.

October 15th, 2009 House banking panel votes to regulate derivativesWASHINGTON — A House panel voted Thursday to regulate for the first time privately traded derivatives, the kind of exotic financial instruments that helped bring down Lehman Brothers and nearly toppled American International Group. The 43-26 vote by the House Financial Services Committee, was a first major step for President Barack Obama's plans to overhaul federal regulations governing the nation's financial institutions.

October 14th, 2009 House panel begins push on financial overhaulWASHINGTON — A key House panel moved to tighten rules on previously unregulated financial instruments Wednesday, a long-awaited step toward governing the obscure and complex transactions at the heart of the troubles that befell some of Wall Street's most well-known financial houses. The House Financial Services Committee this week was poised to adopt a proposal close to the Obama's administration's plan to move most private trading in over-the-counter derivatives to regulated exchanges.

October 14th, 2009 House panel looks at tighter rules on transactionsWASHINGTON — A key House panel moved to tighten rules on previously unregulated financial instruments Wednesday, a long-awaited step toward governing the obscure and complex transactions at the heart of the troubles that befell some of Wall Street's most well-known financial houses. The House Financial Services Committee was poised to adopt a proposal close to the Obama's administration's plan to move most private trading in over-the-counter derivatives to regulated exchanges.

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 15th, 2009 Key elements of the Obama financial overhaulHere's a look at key parts of the Obama administration's financial overhaul plan. __ CHANGES IN OVERSIGHT OF FIRMS — Federally chartered banks would be overseen by a new national bank supervisor.

July 23rd, 2009 Obama: Banking system needs new regulationWASHINGTON — President Barack Obama says the financial system has stabilized but needs new regulations to curtail behavior and practices that led to the meltdown that brought Wall Street to the brink of collapse. The president specifically mentioned regulatory changes that would require shareholders to have nonbinding votes on executive compensation packages.

July 21st, 2009 Obama notes lack of humility among bankersWASHINGTON — President Barack Obama says he sees a lack of humility among leaders of the financial community. While noting that some of the nation's most powerful banks had repaid federal bailout money, Obama said: "What you haven't seen (in the financial sector) is a change in culture, a certain humility where they kind of step back and say gosh, you know, we really messed things up." Obama was asked in an NBC's "Today" show interview about bonuses paid to those in the financial sector after the federal government had to step in with taxpayer money to prevent the system from collapsing.

July 8th, 2009 Frank backs plan for a consumer protection agencyWASHINGTON — The chairman of the House Financial Services Committee is throwing his weight behind President Barack Obama's plan to create a government agency to protect consumers from risky mortgages and credit cards, although some of his colleagues are skeptical of the details. Rep. Barney Frank, D-Mass., said in a brief interview Wednesday that he plans to introduce legislation that would establish a "Consumer Financial Protection Agency." Frank said his proposal would mostly track with Obama's plan but make some small changes.

July 8th, 2009 Democrats skeptical of consumer protection agencyWASHINGTON — President Barack Obama's plan to create a new government agency to protect consumers from risky mortgages and credit cards ran into resistance from several House Democrats on Wednesday. House lawmakers who oversee the Federal Trade Commission said they were concerned the proposal would weaken the FTC and suggested that the commission be given more resources instead.

June 30th, 2009 Obama: consumer agency to enforce financial rulesWASHINGTON — President Barack Obama says his new Consumer Financial Protection Agency will protect Americans from unscrupulous practices and make financial products easier to understand. The president sent Congress a 152-page bill to create the new agency, a key element in the sweeping overhaul of financial rules the administration unveiled two weeks ago.

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 20th, 2009 Obama: New consumer protections 'essential'WASHINGTON — President Barack Obama is warning critics of his vast financial overhaul plan that he has no patience for debate from hard-line defenders of a system that has exploited bewildered consumers. Pushing for a law this year, Obama said: "While I'm not spoiling for a fight, I'm ready for one." Obama used his weekly radio and Internet address on Saturday to defend a proposal, unveiled last week, that would impose and enforce new rules for the nation's embattled financial system.

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 16th, 2009 Obama wants new financial agency for consumersWASHINGTON — Setting up a certain fight with big business, President Barack Obama is about to recommend creation of a regulatory agency to protect consumers in their credit, savings and other banking transactions. The new agency and a newly empowered Federal Reserve will be two of the central elements of a broad overhaul of the financial regulatory system that the president will announce on Wednesday, officials said.