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June 17, 2009

Obama to Outline Major Financial Regulatory Changes
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In economic news, President Obama is expected to propose today the
creation of an independent and powerful Consumer Financial Product
Safety Commission to regulate financial products such as mortgages and
credit cards. The Mc Clatchy Newspapers reports that as part of the
proposal, the Federal Reserve and other bank regulators would lose their
oversight over mortgages, credit cards and other financial products that
are sold to consumers. At the same time, Obama is proposing expanding
the Fed’s role as the regulator of the nation’s largest banks, such as
JPMorgan Chase and Goldman Sachs, to include other giant financial
firms, such as the insurance companies AIG and Met Life.



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