Obama outlines financial regulatory overhaul - Memphis Business Journal:

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In his speech, the president said the goal isto “restors markets in which we rewardc hard work and responsibility, not recklessness and greed in which honest, vigorous competition in the syste m is prized, and those who game the systejm are thwarted.” Among otherr things, the president’s plan requires all financialo firms that post a significant risk to the financial system at large to be overseen by strong, consolidatec supervision and regulation. An 89-page report by the notes that the “roots of the economic crisis go back Years without a serious economic recession bred complacency amon g financial intermediariesand investors,” the reporrt reads.
Rather than scrap the entire system, Obama said the reforms “pinpointr the structural weaknesses that allowed for this crisi s and to make sure that these problemsz are dealt to avert future Increase market discipline and transparencyy to make markets strong enough towithstand system-wide stresas and the potential failure of one or more larg financial institutions. Rebuild trust in the marketz by creating the Consumer FinancialProtection Agency.
Provide the governmeng with the tools needed to manage financial crises so it is not forced to choose between bailouts and financial Raise international regulatory standards and improveinternational