Obama urges creation of agency to regulate financial industry

President Obama tried to build momentum for the centerpiece of his overhaul of financial regulations -- a new agency to protect consumers -- by aiming to derail the strong opposition from business groups that threatens its passage by Congress. http://www.latimes.com/business/la-fi-obama-regulation10-2009oct10,0,2185841.story

Before we create another government agency to regulate the financial markets, we need to reform what the current regulatory agencies were or were not doing that created the financial situation that we are in. Creating another regulatory agency would create more bureaucratic entanglements that would overreach and will have over intended consequences that stifle economic growth. The real problem is that Washington is too cozy with Wall Street and corporate America. The culprit is both parties in Washington who enrich themselves and their cronies at taxpayers expense. Clean up Washington and you clean up Wall Street!