FRIDAY, OCTOBER 9TH, 2009 AT 6:45 AM
Setting the Rules of the Road
Posted by Macon Phillips
Outdated rules regulating the financial sector have affected millions of Americans and contributed to the nation's worst financial crisis since the Great Depression.
This afternoon, the President will talk about changes and protections put forward in proposed financial regulatory reform legislation and urge Congress to act quickly and pass an effective and comprehensive package by the end of the year. Tune in to WhiteHouse.gov/live at 2pm eastern to watch and discuss the event.
One of the most significant pieces of this effort is the establishment of the Consumer Financial Protection Agency. The CFPA will streamline and consolidate regulatory agencies now in place to more effectively promote transparency, fairness and accountability for financial products and services.
Austan Goolsbee, from the White House's Council of Economic Advisors, goes over the CFPA and the President's approach to financial regulatory reform in this explanatory video: