Flanked by lawmakers of both parties, President Obama enumerated the guiding principles behind a revamped regulatory structure for financial services industry. While not singling out the insurance industry, the plan seems to foreshadow an increased amount of regulatory vigilance at the federal level.
“Let me be clear: The choice we face is not between some oppressive government-run economy and a chaotic and unforgiving capitalism,” Obama said. “Rather, strong financial markets require clear rules of the road, not to hinder financial institutions, but to protect consumers and investors, and ultimately to keep those financial institutions strong. Not to stifle, but to advance competition, growth and prosperity. And not just to manage crises, but to prevent crises from happening in the first place, by restoring accountability, transparency and trust in our financial markets. These must be the goals of a 21st century regulatory framework that we seek to create.”
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