“President Barack Obama promised Saturday to watch the US financial industry to prevent what he called ‘irresponsible behavior’ as he defended his nominations to key financial watchdog agencies. The CFPB, set up under Obama’s 2010 financial regulatory law, has the power to protect consumers from predatory banking practices and hidden conditions on loans. It can also crack down on debt and credit agencies. ‘It’s not enough to change the law — we also need cops on the beat to enforce the law,’ Obama said, showcasing both nominations and urging the Senate to give both candidates a speedy approval.”
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