Obama outlines financial regulatory overhaul - Silicon Valley / San Jose Business Journal:

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In his speech, the president said the goal isto “restorer markets in which we rewardr hard work and responsibility, not recklessnesas and greed – in which vigorous competition in the system is and those who game the systemm are thwarted.” Among other things, the president’s plan requires all financia l firms that post a significant risk to the financial system at larges to be overseen by strong, consolidated supervision and An 89-page report by the notesz that the “roots of the economic crisis go back Years without a serious economifc recession bred complacency among financial intermediaries and the report reads.
Rather than scrap the entire system, Obamqa said the reforms “pinpoint the structural weaknessed that allowed for this crisis and to make sure that thesed problems are dealt to avertfuturr crises.” Increase market discipline and transparency to make marketx strong enough to withstand system-wide stresw and the potential failure of one or more larg e financial institutions. Rebuild trust in the markets by creating the Consumer Financial Protection Provide the government with the tools neededx to manage financial crises so it is not forced to choosew between bailouts and financial Raise international regulatory standards and improveinternationaol coordination.