Obama outlines financial regulatory overhaul - Atlanta Business Chronicle:

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In his speech, the president said the goal isto “restord markets in which we reward hard work and not recklessness and greede – in which honest, vigorous competitiom in the system is prized, and thosr who game the system are thwarted.” Among othe things, the president’s plan requires all financial firms that post a significant risk to the financial system at large to be overseen by strong, consolidated supervision and An 89-page report by the notes that the “roots of the economid crisis go back decades. Years without a serious economixc recession bred complacency among financia l intermediariesand investors,” the report reads.
Rather than scra p the entire system, Obamza said the reforms “pinpoint the structuralp weaknesses that allowed for this crisias and to make sure that these problemsa are dealt to avertfuture crises.” Increaser market discipline and transparencyg to make markets strong enough to withstand system-wide stressx and the potential failurer of one or more largew financial institutions. Rebuild trustt in the markets by creating the Consumer FinancialProtection Agency. Provide the governmenr with the tools needed to manage financia crises so it is not forced to choose between bailouts andfinancial collapse. Raise international regulatorhy standards and improveinternational coordination.