Obama Preps New Regulations

President Obama isn’t finished with the credit card companies yet. “The Obama administration, trying to crack down on abuses exposed by the financial crisis, is considering creation of a regulatory commission to protect consumers of financial products such as credit cards and mortgages, according to administration and industry officials,” reports the Associated Press. The goal is to centralize the enforcement of laws to protect consumers of financial products like credit cards, mortgages, and mutual funds—a job that is currently spread over the Federal Reserve, the SEC, and the Federal Trade Commission. Senators Dick Durbin, Chuck Schumer, and Ted Kennedy have already introduced legislation that would create such a commission and which the administration supports.