Obama Defends Proposed New Agency

**Jason** · 06-21-2009, 08:50 AM

President Obama defended his proposed Consumer Financial Protection Agency in his weekly radio address yesterday, saying it would tamp down the kind of deceptive lending practices and complicated contracts he said often hurt consumers.

Obama proposed the agency as part of his administration's rewrite of rules governing the financial sector. The proposals are now before Congress, and industry lobbyists are pushing back against the proposed agency. They say it would create overlapping layers of regulation and put government in the middle of legitimate business decisions.

Speaking in his weekly radio and Internet address, Obama said new regulations are needed to prevent the type of abuses that contributed to the recent financial meltdown. "It's no coincidence that the lack of strong consumer protections led to abuses against consumers," he said. "The lack of rules to stop deceptive lending practices led to abuses against borrowers."

http://www.washingtonpost.com/wp-dyn...062001836.html

bry623 · 06-22-2009, 07:42 AM

So let's start a whole new government agency. Nice

yustr · 06-22-2009, 12:49 PM

And give it all the teeth of the Consumer Products Safety Commission: yes we found dangerously high lead levels in toys - but go ahead and keep selling them for 18 months. What???

**djaburg** · 06-23-2009, 10:15 AM

I thought he was an advocate for smaller government? I think consumers need to be more aware of what they're doing as a means to protect themselves. I can't believe that all of the sub-prime loans that started the real estate downfall were entered in to by people that didn't realize what could happen. I think it was more like greed. Kinda like people running up huge amounts of credit card debt and then curse the CC folks for charging interest. Jeez, stop spending money you don't have and you won't have that issue. I do realize that there are some people that have emergencies and such, but in my experience it's people that continually spend more than they have and then whine about it. And do they really think another government agency will fix the issue?

06-21-2009, 08:50 AM	#1 (permalink)
Jason Faugh a ballagh Join Date: Dec 2001 Location: Pasco, FL Posts: 8,405 OS: Windows Vista My System Blog Entries: 2	Obama Defends Proposed New Agency President Obama defended his proposed Consumer Financial Protection Agency in his weekly radio address yesterday, saying it would tamp down the kind of deceptive lending practices and complicated contracts he said often hurt consumers. Obama proposed the agency as part of his administration's rewrite of rules governing the financial sector. The proposals are now before Congress, and industry lobbyists are pushing back against the proposed agency. They say it would create overlapping layers of regulation and put government in the middle of legitimate business decisions. Speaking in his weekly radio and Internet address, Obama said new regulations are needed to prevent the type of abuses that contributed to the recent financial meltdown. "It's no coincidence that the lack of strong consumer protections led to abuses against consumers," he said. "The lack of rules to stop deceptive lending practices led to abuses against borrowers." http://www.washingtonpost.com/wp-dyn...062001836.html __________________ Posting Tips \| Advice for New People \| Common Fixes \| Agus na damnaithe fágtha gan focal Glaoigh ormsa i measc na naomh

06-22-2009, 07:42 AM	#2 (permalink)
bry623 Manager, The Conversation Pit/Analyst, Security Team Join Date: Apr 2002 Location: NW Territory circa 1787 Posts: 11,574 OS: winxp pro sp2	Re: Obama Defends Proposed New Agency So let's start a whole new government agency. Nice __________________ I won a nobel prize too!!

06-22-2009, 12:49 PM	#3 (permalink)
yustr Asst. Manager, The Conversation Pit Join Date: Sep 2004 Location: Connecticut shore Posts: 5,978 OS: XP Pro My System	Re: Obama Defends Proposed New Agency And give it all the teeth of the Consumer Products Safety Commission: yes we found dangerously high lead levels in toys - but go ahead and keep selling them for 18 months. What??? __________________ If there are lawyers or politicians involved, logic may be a very poor tool for reaching a conclusion.

06-23-2009, 10:15 AM	#4 (permalink)
djaburg TSF Enthusiast Join Date: May 2008 Posts: 1,147 OS: XP SP3/Vista/7 Server 2K/2K3/2K8	Re: Obama Defends Proposed New Agency I thought he was an advocate for smaller government? I think consumers need to be more aware of what they're doing as a means to protect themselves. I can't believe that all of the sub-prime loans that started the real estate downfall were entered in to by people that didn't realize what could happen. I think it was more like greed. Kinda like people running up huge amounts of credit card debt and then curse the CC folks for charging interest. Jeez, stop spending money you don't have and you won't have that issue. I do realize that there are some people that have emergencies and such, but in my experience it's people that continually spend more than they have and then whine about it. And do they really think another government agency will fix the issue? __________________ Computers make it easier to do a lot of things, but most of the things they make it easier to do don't need to be done. The inherent vice of capitalism is the uneven division of blessings, while the inherent virtue of socialism is the equal division of misery.