President Obama ready to fight for consumer financial agency

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Over at the White House blog, you can watch a video of President Obama talking about why he intends to fight for passage of the Consumer Financial Protection Agency. The video was filmed during his regular Saturday radio address. The President challenged the special interest opponents of reform to a fair debate (AP via Yahoo):

"I welcome a debate about how we can make sure our regulations work for businesses and consumers," Obama said. "But what I will not accept — what I will vigorously oppose — are those who do not argue in good faith." By that, Obama said, he meant those who defend the status quo at any cost. He didn't name any people or organizations, but said special interests are already mobilizing to fight change. He called that typical Washington. "These are the interests that have benefited from a system which allowed ordinary Americans to be exploited," Obama said. The president said he would stand up for his plans, saying: "While I'm not spoiling for a fight, I'm ready for one. The most important thing we can do to put this era of irresponsibility in the past is to take responsibility now."

We're with the President on this fight, and we know that it will be a big one. That's why we are founding members of the new coalition Americans for Financial Reform and that's why we will testify Wednesday in strong support of the new agency. President Obama:

"These interests argue against reform even as millions of people are facing the consequences of this crisis in their own lives. These interests defend business-as-usual even though we know that it was business-as-usual that allowed this crisis to take place."

We're with the President: No more business as usual in DC. Full transcript. Oh, and we're happy to name names of the special interest opponents of reform: Let's start with the American Bankers Association, the Financial Services Roundtable, the U.S. Chamber of Commerce and the Independent Community Bankers of America. The last may be with us on some regulatory issues where they diverge from the big banks, but we'd be shocked if they are not marching in lockstep with the ABA, as they always have, against strong consumer protection reforms.