President Obama announced the introduction of the new consumer financial protection agency, which will execute a plan for regulation reform that would improve the current “patchwork system” full of outdated regulations and lax oversight that helped lead to last year’s crisis,” and “stand up, not for big banks, not for financial firms, but for hard-working Americans.” Such changes, he says, would prevent consumers becoming victims of “predatory practices of some in the financial industry.” “Americans… are counting on us to be their advocates,” Obama said. He also commented on those “butcher” ads attacking the agency, saying that it would put small businesses out of businesses. “I don’t know how many of your butchers are offering financial services,” he says. “We can’t let speciail interests win this fight.”
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