by pna
U.S. President Barack Obama on Saturday highlighted the role of a federal consumer protection agency, vowing to constantly promote
Wall Street reforms to prevent Americans from suffering another financial crisis.
The Consumer Financial Protection Bureau (CFPB), established under new Wall Street reforms, has been standing up for consumers and protecting Americans from mistakes made by the companies who determine credit scores, said Obama in his weekly address, citing that the CFPB and other regulators recently ordered three big credit card companies to return over 400 million U.S. dollars to people who were misled into making purchases they didn't want.
To stem the devastating financial crisis that began four years ago from spreading from Wall Street to Main Street, the United States passed new tough Wall Street reforms and the nation had recovered much from the crisis, said the president.
U.S. businesses had added more than 5 million new jobs and the unemployment rate had fallen to the lowest level since he took office, Obama said.
What the CFPB did is what Wall Street reform is all about, looking out for working families and ensuring everyone is playing by the same rules, he said.
However, he asserted, Republicans in Congress had always been trying to roll back these reforms.
"Backed by an army of financial industry lobbyists, they've been waging an all-out battle to delay, defund and dismantle these new rules," he said.
Obama, sounding like a consumer advocate, stressed that he would refuse to let that happen and continue to move reforms forward.
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