President Obama Announces Financial Regulation Reform

The U.S. finds the need to overhaul the financial system and to provide more protection to consumers. U.S. President Barack Obama set up a federal consumer financial protection agency to shield ordinary Americans from predatory practices from credit card firms, banks and mortgage markets. The new agency is named Consumer Federal Protection Agency (CFPA).

Other developing and developed countries like Singapore should also consider taking unprecedented move to stop the finance and banking industries to earn excessively from the huge commission remuneration structure currently being practised.