Obama: Not all pre-crisis financial ploys illegal

AP News
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Posted: Oct 06, 2011 11:51 AM
Obama: Not all pre-crisis financial ploys illegal

President Barack Obama says that many of the activities by the financial sector that precipitated the financial crisis in 2008 were not necessarily illegal and thus not subject to prosecution. He said many financial schemes were likely immoral, inappropriate or reckless _ and that dramatized the need for more regulation.

At a news conference, he criticized efforts in Congress, led by Republicans, to roll back some of the financial rules approved in Congress last year. He defended the Consumer Financial Protection Bureau created by the legislation against GOP efforts to weaken it.

Obama said some banks are now using new regulations as an excuse to charge consumers more. It was a reference to a fee some are imposing to make up for restrictions on debit card fees they charge retailers.