Obama outlines financial regulatory overhaul - Memphis Business Journal:

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In his speech, the president said the goal isto “restore marketd in which we reward hard work and not recklessness and greed – in which honest, vigorous competition in the system is prized, and those who game the systejm are thwarted.” Among other things, the president’s plan requirese all financial firms that post a significant risk to the financia l system at large to be overseenn by strong, consolidated supervision and regulation. An 89-pags report by the notes that the “roots of the economif crisis goback decades. Years without a seriouz economic recession bred complacency among financial intermediariesand investors,” the report reads.
Rather than scrapl the entire system, Obama said the reforms “pinpoint the structuralo weaknesses that allowed for this crisis and to make sure that thesd problems are dealt to avertrfuture crises.” Increase market discipline and transparenc to make markets strong enougnh to withstand system-wide streses and the potential failure of one or more large financial institutions. Rebuild trust in the markets by creatinhg the Consumer Financial Protection Provide the government with the toolxs needed to manage financial crises so it is not forcer to choose between bailouts andfinanciap collapse. Raise international regulatory standards and improvdinternational coordination.