U.S. President Barack Obama is again promoting his plan for a new
agency to protect consumers in the American financial industry.
President Obama says his
proposed Consumer Financial Protection Agency would protect investors
and borrowers from the abuses that led to the current U.S. economic
problems.
"An epidemic of irresponsibility took hold, from
Wall Street to Washington to Main Street. And the consequences have
been disastrous," he said.
In his weekly Saturday address, Mr.
Obama says the proposed agency would set tough new rules to force
companies to treat financial customers fairly.
"We are going to
promote markets that work for those who play by the rules," he said.
"We are going to stand up for a system in which fair dealing and honest
competition are the only way to win. We are going to level the playing
field for consumers."
The president says he knows the plan faces stiff opposition from business leaders.
"Well,
the American people did not send me to Washington to give in to those
special interests," said Mr. Obama. "The American people sent me to
Washington to stand up for their interests. Although I am not spoiling
[looking] for a fight, I am ready for one."
In the weekly
Republican message, Senate Minority Leader Mitch McConnell says
President Obama's plan to reform the U.S. health care system will cost
too much.
"Throughout this debate, the administration's central
argument has been that America needs health care reform for the sake of
the economy," he said. "Yet, according to independent estimates, every
health care proposal Democrats on Capitol Hill have offered would only
hurt the economy."
Two recent estimates from the Congressional
Budget Office both show that the Democratic health plans will cost more
than $1 trillion over 10 years.
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