www.aei.org Shadow Financial Regulatory Committee

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May 21 (Bloomberg) — Gary Townsend, president and co-founder of Hill-Townsend Capital LLC, talks with Bloomberg Television about legislation overhauling the financial regulatory system. (This report is an excerpt. Source: Bloomberg)

National Economic Council Chair Lawrence Summers speaks the fundamentals of financial regulatory reform to a meeting of stakeholder groups at the White House. October 14, 2009. (Public Domain)

President Obama announced the introduction of the new consumer financial protection agency, which will execute a plan for regulation reform that would improve the current “patchwork system” full of outdated regulations and lax oversight that helped lead to last year’s crisis,” and “stand up, not for big banks, not for financial firms, but for hard-working Americans.” Such changes, he says, would prevent consumers becoming victims of “predatory practices of some in the financial industry …

The President pushes for one of the pillars of his new economic foundation: reforming our financial system to look out for consumers, not just banks. October 9, 2009. (Public Domain)