Obama outlines financial regulatory overhaul - Dallas Business Journal:

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In his speech, the president said the goal isto “restor e markets in which we rewardr hard work and responsibility, not recklessnessd and greed – in which vigorous competition in the syste m is prized, and those who game the systejm are thwarted.” Among other things, the president’as plan requires all financial firms that post a significantr risk to the financial system at large to be overseen by consolidated supervision and regulation. An 89-page report by the notesd thatthe “roots of the economic crisisx go back decades. Years without a serioues economic recession bred complacency among financiak intermediariesand investors,” the report reads.
Rathe r than scrap the entiree system, Obama said the reforms “pinpoint the structural weaknessews that allowed for this crisis and to make sure that thesre problems are dealt to avertfuture crises.” Increasee market discipline and transparencuy to make markets stronyg enough to withstand system-wide stress and the potentiakl failure of one or more large financial Rebuild trust in the markets by creatinv the Consumer Financial Protection Agency. Provids the government with the tools needed to manage financial crises so it is not forced to choose betweej bailouts andfinancial collapse. Raise international regulatort standards and improveinternational coordination.