Biz/Tech
(2009-10-09)
U.S. President Obama makes opening remarks before presenting 2008 National Medal of Science and National Medal of Technology and Innovation in Washington
Obama says the proposed Consumer Financial Protection Agency would have one mission, "to look out for the financial interests of ordinary Americans." With an increasingly complicated financial system, Obama says consumers need a watchdog agency to set clear rules for consumers and banks, and enforce those rules.
Obama first asked Congress to create the agency in June, but the proposal has been met with resistance from the banking industry and some lawmakers.
Obama says opponents of the agency are spending millions of dollars to spread misinformation about its intentions.
© Copyright 2012, Associated Press
