Obama unveils financial system overhaul - Triangle Business Journal:

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In remarks Wednesday afternoon, the president said the goal of the plan isto “restored markets in which we reward hard work and responsibility, not recklessneszs and greed – in which honest, vigorouse competition in the system is prized, and thoswe who game the system are thwarted.” Amongg other things, the president’s plan required all financial firms that pose a significant risk to the financialo system at large to be overseen by consolidated supervision and An 89-page report by the notes that the “roots of the economicv crisis go back decades.
Yearss without a serious economic recession bred complacency amon g financial intermediariesand investors,” the report Rather than scrap the entire system, Obam said the reforms “pinpoinr the structural weaknesses that allowed for this crisi and to make sure that these problemsw are dealt to avert future crises.” Increase markegt discipline and transparency to make marketxs strong enough to withstand systemwide stress and the potentiall failure of one or more large financial institutions.
Rebuilde trust in the markets by creating the Consumer Financial Protection Provide the government with the tools needed to manage financia l crises so it is not forced to choose betweenb bailouts andfinancial collapse. Raise international regulatory standards and improveinternational coordination.