National News

This week the Obama Administration will propose the most significant new regulation of the financial industry since the Great Depression. Some business groups have worried that the Obama administration might go too far in responding to the financial crisis with new regulations, stifling the market and hurting financial firms at a time when the economy is still weak.

“The Obama administration has appeared to be more focused on setting new rules and principles than on the blowing up the government's regulatory structure,” said Douglas J. Elliott, an economics fellow at the Brookings Institution and a former investment banker.

On Monday, the Obama administration officials sketched the outlines of the plan. They said it would seek to reduce gaps in regulatory oversight, rein in the use of mortgage-backed securities and other complex derivatives, reduce incentives for companies to take excessive risk and give the government new power to quickly intervene during any future crises.

All the proposals would have to be approved by Congress in a process the administration hopes to complete by the end of the year. The president is to unveil the plan today.

http://www.latimes.com/business/la-fi-financial-regs16-2009jun16,0,4262249.story

This story at times was complicated to read. The National and International news stories were much more complex to understand then the local story. I felt like this story was confusing because it gave so many different viewpoints. It was hard to understand what the Obama administration’s main goal was out of the story.