Administration Would've Liked CARD Act To Take Effect Earlier, Says Treasury Official

During a conference call with reporters on Monday, Treasury Department official Michael Barr says the administration would've liked for the CARD Act, a major credit card reform bill that went into effect today, to be implemented as soon as it was signed into law by the President nine months ago. Barr adds that the creation of a Consumer Financial Protection Agency (CFPA) will ensure that such future laws are put into effect sooner. (:19)
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Credit Card Law Taking Effect Today Will Ensure Fairness, Says Treasury Official

During a conference call with reporters on Monday, Treasury Department official Michael Barr says the CARD Act, which goes into effect today, will help restore fairness to the credit industry. (:13)
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Consumers Paying Price For Failed Financial Regulatory System, Says Assistant Treasury Sec.

Assistant Treasury Secretary for Financial Institutions Michael Barr says that financial regulatory reform is essential and that consumers are paying the price the failure of the system. He says that a level playing field in terms of competition as well as increased transparency will help prevent a market collapse from happening again. (0:29)
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Did the Treasury consult with the SEC on resolution regime?

By Kayleigh Harvey - Talk Radio News Service

The Senate Banking, Housing and Urban Affairs Committee met for the second time to discuss “Enhancing Investor Protection and the Regulation of Securities Markets.”
At the hearing Senator Dodd asked the Chairman of U.S. Securities and Exchange Commission, Mary Schapiro, “Were you consulted by the Treasury and the Fed, what role do you think the SEC should play in this resolution mechanism, given the oversight and regulatory responsibilities?” Senator Dodd also asked Ms. Schapiro to “comment on the reports of the regulatory changes that Secretary Geithner has mentioned this morning.”


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Socializing risk

Rep. Tom Fenney (R-Fl.) says that recent government bailouts in the financial sector are socializing market risk while profits stay on Wall Street. (0:30)
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More regulation cannot stop market cycles, but can help, says Treasury Secretary

Treasury Secretary Paulson says that more regulation is not the answer and cannot prevent market "disruptions," but he suggests a more flexible approach will allow better protection of consumers and investors, and allow U.S. markets to continue to be competitive. (0:37)
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Financial regulatory changes not reaction to current troubles, says Secretary Paulson

Treasury Secretary Paulson says that the new Blueprint for Regulatory Reform are not reactions to current troubles and should not be implemented hastily, but instead reflect long-term concerns and should be thoughtfully implemented. (0:33)
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