Obama calls for independent consumer advocate

Karachi News.Net
Sunday 21st March, 2010

President Barack Obama has called on US legislators to work toward a broad bank-reform effort to include a consumer financial protection advocate.

The advocate would oversee banks, mortgages and credit cards.

Mr Obama, in his weekly radio speech, told the audience he wanted banking reforms to include a consumer agency to advocate for ordinary Americans "and help enforce the rules that protect them."

Democratic proposals in Congress are expected to create an independent consumer advocate, but Republicans have said they instead want the government to make sure banks are safe and solid so they can lend more.

Democrats have claimed only a powerful, independently funded advocate can effectively protect consumers from risky and deceptive mortgages.

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