From the Associated Press:
WASHINGTON (AP) — President Barack Obama is calling for strong financial sector regulation and oversight to restore accountability and trust in financial markets.
In remarks prepared for delivery Wednesday this afternoon, the president urges Congress to adopt “rules of the road” to prevent future crises and hold financial executives accountable.
. . . Obama cited specific principles he wanted the legislation to achieve, including accountability for executives, consumer protections, and a regulatory plan that covers a broad series of financial transactions that have escaped regulation in the past.
More to follow.
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Chris Geidner is the award-winning senior political editor at D.C.'s Metro Weekly and has written for The Atlantic Online, The American Prospect, Advocate.com, Salon and other publications, as well as at his blog, Law Dork. In 2011, he received the Excellence in News Writing Award from the National Lesbian and Gay Journalists Association for his coverage of "Don't Ask, Don't Tell" repeal. Prior to moving to D.C. in 2009, he served as an attorney on the senior staff at the Ohio Attorney General's Office and had earlier worked for a leading Columbus law firm. An extended biography can be found