Obama Administration

Accomplishments on Regulation

  • Individuals investing in retirement accounts protected under new rule requiring financial advisers to provide investment advice that puts their client's best interests above all else
  • Members of Congress and certain government employees prohibited from using non-public information for personal profit
  • Small family farms selling locally exempted from federal regulations such as traceability and record keeping
    Jan 04 2011
  • Safety of imported food improved with new FSVP & VQIP programs that helps ensure it is safe, unadulterated and not misbranded
    Jan 04 2011
  • Safety of U.S. grown food improved with requirements for large factory farms to register all food handlers and maintain records relating to food safety
    Jan 04 2011
  • Service members receiving relocation orders protected from early termination fees for certain contracts and residential leases
    Oct 14 2010
  • Long-term economic stability improved through new FDIC powers to liquidate failing financial firms such as insurance companies and non-bank financial companies
  • Borrowers protected from bad loans with rules and penalties requiring that lenders verify that they are able to repay the loans that they issue
  • Financial Stability Oversight Council established to identify and monitor excessive risks to the U.S. financial system
  • Future economic downturns minimized with new rules and transparency regarding bank trading in credit default swaps and derivatives including the "Volker Rule"
  • Risk in the financial system reduced with new SEC Office of Credit Ratings (OCR) to monitor credit rating agencies for conflict of interests & inaccuracies
  • FDIC bank deposit insurance increased from $100,000 to $250,000
  • Consumer Financial Protection Bureau established to promote fairness and transparency for mortgages, credit cards, and other consumer financial products
  • Credit cardholders protected against arbitrary interest rate increases, hidden and excessive fees, and due date gimmicks
  • $140 million in special funding for the Federal Bureau of Investigation to investigate fraud in financial institutions
  • $100 million in special funding for the offices of the United States Attorneys to investigate and prosecute fraud in financial institutions
  • $80 million in special funding to the criminal, civil and tax divisions of the Dept of Justice to investigate and prosecute fraud in financial institutions
  • $60 million in special funding for the Postal Inspection Service to investigate financial institutions for fraud
  • $60 million in special funding for Inspector General's Office at the U S Dept of Housing and Urban Development to investigate financial institutions for fraud
  • $40 million in special funding for the Secret Service to investigate financial institutions for fraud
  • $42 million in special funding for the Securities and Exchange Commission to investigate securites fraud in financial institutions
  • Financial Crisis Inquiry commission created to examine and report on the domestic and global causes of the 2008 - 2009 financial and economic crisis
  • Mortgage lending businesses added to list of financial institutions subject to Federal criminal law in fraudulent lending practices
  • Crime of major fraud against the United States amended to include Federal grants made to stimulate economic recovery for fiscal years 2009 and 2010
  • Securities fraud definition amended to include fraud related to commodities futures and derivatives fraud