US President Barack Obama has put forward measures to Congress to urge the creation of a new government agency to protect Americans against financial abuse.
The president’s Consumer Financial Protection Agency would be designed to protect consumers against irresponsible lenders who encourage them into too much loan debt.
At the White House on Friday, Mr. Obama said he was concerned for those people who took out loans they could not afford and blamed some financial companies for taking advantage of gullible customers.
He said: "My concern are the millions of Americans who behaved responsibly and yet still found themselves in jeopardy because of the predatory practices of some in the financial industry."
He said seven federal agencies currently have a part in regulating the financial industry, with the bureaucracies inadvertently allowing some irresponsible lenders to escape accountability by getting through normal checks and balances.
The president said his proposed federal agency would make financial regulation simpler and more effective.
Mr. Obama first asked Congress to create such an agency in June. The banking industry and some lawmakers have fought the proposal.
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