Yesterday, in an address delivered at the Great Hall at Cooper Union in New York, President Obama set forth his goals for financial regulatory reform legislation working its way through Congress. President Obama took the opportunity "to explain what reform will look like, and why it matters."
In summary, the features the President deems vital to financial regulatory reform include:
- Ways to protect the financial system and the broader economy in the event a large financial firm begins to fail, without taxpayer cost,
- Limits on the size of banks and the kinds of risks they can take (The Volcker rule),
- Transparency and regulation in the trading of derivatives,
- A dedicated agency looking out for ordinary people in our financial system and providing them with clear and concise information about financial decisions,
- More power to shareholders, including say on pay, and granting to the SEC the necessary authority to give shareholders more say in corporate elections.
The full text of President Obama's Cooper Union speech is available at: http://www.nytimes.com/2010/04/23/business/economy/23prexy-text.html?pagewanted=print