Obama Pushes His Plan for Financial Agency

WASHINGTON (AP) — President Obama urged Congress on Friday to create a new consumer agency to protect Americans against financial abuses.

In making his comments, Mr. Obama was trying to counter a strong lobbying campaign against the idea. He said 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 said consumers needed a watchdog agency to set clear rules for consumers and banks, and enforce those rules.

“We have already seen and lived the consequences of what happens when there is too little accountability on Wall Street and too little protection for Main Street,” Mr. Obama said, “and I will not allow this country to go back there. It is time to move forward.”

The president first asked Congress to create the agency in June, but the proposal has been met with resistance from the banking industry and some lawmakers.

Mr. Obama said opponents of the agency were spending millions of dollars to spread misinformation about its intentions.

Obama Pushes His Plan for Financial Agency