Obama looks for financial reforms soon

AP News
Posted: Dec 04, 2009 12:57 PM

President Barack Obama says he's hoping to see financial regulatory reforms in place by early next year. But he says banks are trying to stand in the way, much in the same way he says insurance companies are trying to thwart health care reform.

Speaking at a town hall meeting Friday in Allentown, Pa., Obama said there needs to be a consumer watchdog with some "teeth," so that consumers won't be victimized by credit card companies boosting rates, or by loans with unexpected fine print.

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He also said financial companies that are considered "too big to fail" need to have safeguards in place so the government won't be pressed to bail them out again.