Obama on consumers protection
One of the things that we’re putting a huge amount of emphasis on is the issue of consumer protection, you know, whether it’s subprime loans that were given out because nobody was paying attention to what was being peddled to consumers; whether it’s how credit cards are handled; how annuities are dealt with; what people can expect in terms of understanding their 401(k)s.
There’s a whole bunch of financial transactions out there where consumers are not protected the way they should. And that’s why we said we’re going to put forward a consumer financial protection agency whose only job it is to focus on those issues.
