Bean group applauds Obama speech

DC correspondent Camille Le Tallec sends along reaction to the president's financial speech Monday from a group that includes suburban Democrat Milissa Bean.

The New Democrat Coalition, which U.S. Rep. Melissa Bean, Democrat from Illinois co-chairs, praised the administration proposals to strengthen the financial markets, in a statement responding to President Obama’s speech on the financial crisis.

These proposals “are necessary to prevent future downturns from spiraling into a severe system-wide crisis, as the nation experienced just one year ago,” the statement said.

The New Dems, a coalition aiming at maintaining the US competitiveness and economic leadership, have taken part in the efforts to reform the American financial regulatory system. “We were proud that 13 of our 21 recommendations for reform were included in the Treasury Department’s proposal,” New Dems said in the statement.

These recommendations propose alignment of redundant regulatory structures, counter-cyclical capital requirements, and derivatives transparency.

According to the New Dems’ statement, strengthening the regulatory system will protect consumers and investors, improve market stability and transparency, and enhance the effectiveness of regulatory oversight, while preserving innovation and the availability of appropriate risk management tools.

“We remain dedicated to working on behalf of all stakeholders, including American consumers and businesses, to enact these much needed reforms,” New Dems said in the statement.

-- Camille Le Tallec