President Obama seeks new wave of regulations

On Wednesday evening, President Obama discussed the need for better regulation of the nation’s financial and housing markets.  He introduced seven key principles for transforming regulation:

1. Enforce strict oversight of financial institutions that pose systemic risks
2. Strengthen markets so they can withstand both system-wide stress and the failure of one or more large institutions
3. Encourage our financial system to be open and transparent, and to speak in plain language investors can understand
4. Supervise financial products based on “actual data on how actual people make financial decisions”
5. Hold market players accountable, starting at the top
6. Overhaul our regulations so they are comprehensive and free of gaps
7. Recognize that the challenges we face are global

See how these stack up against AFFIL’s own Principles for re-regulation. For more, see the White House blog and this article from The Hill.

(Photo:  White House)