In his address to Wall Street bankers and students US President Obama reiterated the need to improve consumer protection in financial services. In his defence of the financial reform package, he called for four pillars of financial reform:
- Limiting the size of banks
- Providing more transparency of financial transactions, in particular those related to financial derivatives
- A dedicated consumer protection agency
- Increased powers of shareholders and pension funds
The US consumer organization, Consumers Union, welcomed Obamas remarks and expressed its hope that when the President called for a “dedicated” consumer protection agency that he meant “independent”.
For further information, see: http://www.whitehouse.gov/the-press-office/remarks-president-wall-street-reform and http://blogs.consumerreports.org/money/2010/04/obama-asks-for-dedicated-consumer-protection-agency.html
Source: US White House and Consumers Union