Administration: consumer agency will boost enforcement, make financial products understandable

WASHINGTON — 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.

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

WASHINGTON — President Barack Obama says his new Consumer Financial Protection Agency will protect Americans from unscrupulous practices and make financial products easier to understand.

Geithner: administration pushing ahead with consumer product agency as part of overhaul plan

WASHINGTON — 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.

Democrats at odds with industry on proposed agency to police consumer financial market

WASHINGTON — Democrats are pressing the Obama administration to find a way out of the foreclosure crisis as they moved ahead with plans to create a government agency that would police the market for risky or deceptive mortgages.

Rep. Frank brushes aside concerns new consumer agency might run roughshod over businesses

WASHINGTON — House Financial Services Chairman Barney Frank scoffed Wednesday at assertions that a new consumer protection agency would morph into “some out of control entity.”

Rep. Frank endorses plan for new consumer-protection agency, plans committee action in July

WASHINGTON — 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.

Senators: Obama’s financial oversight plan might not be enough to prevent another meltdown

WASHINGTON — President Barack Obama’s plan to increase oversight of banks and other financial institutions ran into skepticism Thursday on Capitol Hill where senators sharply questioned whether it was enough to prevent another economic meltdown.

Democrats’ quick push of financial regulation overhaul worries some lawmakers

WASHINGTON — President Barack Obama’s plan to transform the Federal Reserve into a super-regulator ran into skepticism Thursday from lawmakers who worry that the central bank is not the best suited to keep an eye on firms deemed so big and influential that their demise could hurt the economy.

Obama sets course for Wall Street giants, Main Street folks with new ‘rules of the road’

WASHINGTON — From simple home loans to Wall Street’s most exotic schemes, the government would impose and enforce sweeping new “rules of the road” for the nation’s battered financial system under an overhaul proposed Wednesday by President Barack Obama.

Obama sends Congress sweeping update of nation’s financial regulations to fight future crises

WASHINGTON — President Barack Obama proposed sweeping new “rules of the road” for the nation’s financial system Wednesday, casting the changes as a critically important response to the economic crisis and the greatest regulatory transformation since the Great Depression.

Obama sends Congress sweeping update of nation’s financial regulations

WASHINGTON — President Barack Obama proposed new “rules of the road” for the nation’s financial system Wednesday, casting the changes as an essential response to the economic crisis and the greatest regulatory transformation since the Great Depression.

Obama cites ‘culture of irresponsibility’ underlying deep recession plaguing the country

WASHINGTON — President Barack Obama is offering a broad-scale overhaul of the financial system, saying hard times struck largely because a post-Depression era business regulatory scheme couldn’t keep up with an increasingly global economy.

Administration unveils sweeping regulatory overhaul seeking to prevent future financial crisis

WASHINGTON — The Obama administration has unveiled a sweeping regulatory overhaul that it hopes will restore confidence in the U.S. financial system and prevent a repeat of the worst crisis to hit Wall Street in seven decades.

White House adviser Romer, GOP leader Boehner, part company on aspects of new financial rules

WASHINGTON — 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.”

Obama to send Congress more work _ a sweeping fix of the nation’s financial regulations

WASHINGTON — A new consumer protection agency highlights a financial system overhaul President Barack Obama plans to unveil Wednesday in effort to avert future economic crises like the one still wreaking havoc at home and around the globe.

Obama wants new agency to protect consumers in their financial transactions

WASHINGTON — 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.

Lawmakers fear Obama’s financial plan will give Federal Reserve too much power

WASHINGTON — Many lawmakers fear President Barack Obama’s plan to prevent another financial meltdown might end up turning the Federal Reserve into an all-powerful monster — a friction that could slow down a major overhaul of banking and market regulations.

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

WASHINGTON — 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.

Administration says current financial system riddled with weaknesses, must be overhauled

WASHINGTON — Aiming for greater limits and more clarity in the nation’s financial system, the Obama administration on Monday proposed adding muscle to the Federal Reserve and new restrictions on complex securities whose collapse choked lending and hit millions of American households.