Obama's Six Points
from USAToday blogs:
Update at 12:50 p.m. ET. In his speech, Obama outlines six principles for reform. From his remarks, as prepared for delivery:
"First, if you're a financial institution that can borrow from the government, you should be subject to government oversight and supervision. Taxpayers who have now been called upon to spend nearly a trillion dollars to save our economy from the excesses of Wall Street have every right to expect that financial institutions are not taking excessive risks.
"Second, we need to reform requirements on all regulated financial institutions, investigate rating agencies and potential conflicts of interest with the people they are rating, and establish transparency requirements that demand full disclosure by financial institutions to shareholders.
"Third, we need to streamline our overlapping and competing regulatory agencies that cannot oversee the large and complex institutions that dominate the financial landscape.
"Fourth, we need to regulate institutions for what they do, not what they are. Over the last few years, commercial banks and thrift institutions were subject to guidelines on subprime mortgages that did not apply to mortgage brokers and companies. This regulatory framework failed to protect homeowners, and made no sense for our financial system.
"Fifth, we need to crack down on trading activity that crosses the line to market manipulation. We need regulators that actually enforce the rules instead of overlooking them. The SEC should investigate and punish all market manipulation.
"Sixth, we must establish a process that identifies systemic risks to the financial system like the crisis that has overtaken our economy. We need a standing financial market advisory group to meet regularly and provide advice to the President, Congress, and regulators on the state of our financial markets and the risks they face. It’s time to anticipate risks before they erupt into a full-blown crisis."
Could not find any stories that discussed the actual speech.