As posted on the White House blog, Obama had some strong words for people who have been misrepresenting an overhaul of regulations:
Let me be clear: The choice we face is not between some oppressive government-run economy or a chaotic and unforgiving capitalism. Rather, strong financial markets require clear rules of the road, not to hinder financial institutions, but to protect consumers and investors, and ultimately to keep those financial institutions strong. Not to stifle, but to advance competition, growth and prosperity. And not just to manage crises, but to prevent crises from happening in the first place, by restoring accountability, transparency and trust in our financial markets. These must be the goals of a 21st century regulatory framework that we seek to create.
1. Enforce strict oversight of financial institutions that pose systemic risks
2. Strengthen markets so they can withstand both system-wide stress and the failure of one or more large institutions
3. Encourage our financial system to be open and transparent, and to speak in plain language investors can understand
4. Supervise financial products based on “actual data on how actual people make financial decisions”
5. Hold market players accountable, starting at the top
6. Overhaul our regulations so they are comprehensive and free of gaps
7. Recognize that the challenges we face are global