White House firm on key reform proposals

Feb. 23, 2010 at 5:42 PM

WASHINGTON, Feb. 23 (UPI) -- White House Press Secretary Robert Gibbs said President Barack Obama is committed to forming a financial protection agency for U.S. consumers.

Among the key proposals in Obama's financial reform package, the creation of an agency that would regulate consumer products such as mortgages, credit cards and other consumer financial products has met with opposition from Republicans and banking industry lobbyists.

Gibbs said the president was also standing firm on the so-called "Volcker rule"

Named after former Federal Reserve Chairman Paul Volcker, the rule would ban commercial banks from proprietary trading.

"The administration remains as committed today to what was outlined that day with Chairman Volcker and members of the economic team," Gibbs said, fielding questions from reporters.

"We're not walking away from and we're not watering down that proposal one bit," he said.

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