I am Impressed - Obama Does Good

this is an excellent decision by the new admin. starting to clean up some of this foul corporate corruption that got us into this mess. cleaning up both Clinton and Bush's messes.

http://www.nytimes.com/2009/01/25/us/politics/25regulate.html?_r=1&ref=todays...


ASHINGTON — The Obama administration plans to move quickly to tighten the nation’s financial regulatory system.

“Our regulatory system failed to adapt to the emergence of new risks,” wrote Timothy F. Geithner, center, Treasury secretary nominee.

Officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis.

Broad new outlines of the administration’s agenda have begun to emerge in recent interviews with officials, in confirmation proceedings of senior appointees and in a recent report by an international committee led by Paul A. Volcker, a senior member of President Obama’s economic team.

A theme of that report, that many major companies and financial instruments now mostly unsupervised must be swept back under a larger regulatory umbrella, has been embraced as a guiding principle by the administration, officials said.

Some of these actions will require legislation, while others should be achievable through regulations adopted by several federal agencies.