Intensity
October 9, 2009 | Wall Street Journal, federal legislation, industry | Comments (0)Wall Street Journal’s take on President Obama’s event today:
President Barack Obama will step up his push for a financial regulatory overhaul Friday, with a call for the public to rally behind his proposed Consumer Financial Protection Agency
The agency, a key plank in Obama’s proposed regulatory revamp, has come under fire from Republicans and the banking sector, which says it would crimp the flow of credit to consumers and limit the creation of new products. But Obama and top Democrats on Capitol Hill say the agency would help avoid a relapse of the financial crisis and safeguard consumers from some of the practices that contributed to the meltdown.
An administration official said Wednesday that Obama will defend the proposal at a White House event Friday and press lawmakers to pass the reform package by the end of the year. He will be joined by Treasury Secretary Tim Geithner, and meet with four people the White House says have been hurt by outdated financial regulations.
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