President Obama Speaks on Financial Reform and the Consumer Financial Protection Agency

President Obama's Saturday morning address was devoted to the need for financial reform legislation. A significant proportion of his address urged the establishment of a truly independent Consumer Financial Protection Agency. The President said that the CFPA was a key component of any meaningful financial reform. He spoke favorably of the Senate bill recently introduced by Senator Dodd. But a number of posts to this blog --- here, here, here, and here --- have claimed that the Dodd bill is weaker than the legislation passed by the House, among other reasons because it would place the CFPA within the Federal Reserve and give banking regulators veto power over its regulations. View the President's address: