Transcript for Obama: Tear Down Regulations on Entrepreneurs
-- never forget. Millions of Americans who work hard and play by the rules every day deserve a government and a financial system to do the same. It's time to apply the same rules from top to bottom. No bailouts no handout. And no cop -- and America built to last insist on responsibility from everybody. We've all paid the price for lenders who sold mortgages to people open for them. And buyers who know who they couldn't afford. That's why we need Smart regulations. To prevent irresponsible behavior. Rules to prevent financial fraud. -- talks -- dumping. Or faulty medical devices. These don't destroy the free market. And make the free market work better. There's no question that some regulations are outdated. Unnecessary or to -- In fact -- approved. Fewer regulations in the first three years my presidency than my Republican predecessor did and heads. I ordered every federal agency to eliminate rules -- don't make sense. We've already announced over 500 reforms. And just a fraction of them will save businesses and citizens more than ten billion dollars over the next five years. We got rid of one -- from forty years ago that put -- for some dairy farmers to spend 101000 dollars a year proving that they could contain a spill. Because -- was somehow classified as an loyal. With a -- like that I guess it was worth crying over spilled now. I'm -- -- banana farmer can contain -- milk spill. Without a federal agency. Looking over his shoulder. But I will not back down. For making sure an oil company can contain the kind of oil spill we saw on the -- two years ago. Backed down. From protecting our kids from Mercury poisoning. We're making sure that our food is safe. And -- water is clean. I will not go back. To the -- -- when health insurance companies have unchecked power to cancel your policy. Deny your coverage or charging women differently than men. And I will not go back to days when Wall Street was allowed to play by its own set of -- The -- we passed. Restore what shouldn't be any financial systems corporates. Getting funding to entrepreneur -- -- the best ideas. And getting a monster responsible families who want to buy a home. For start a business or send their kids to college. So if you are a big bank or financial institution. You're no longer allowed to make risky -- -- your customers -- You're required to write out a living will the detailed exactly how you'll pay the bills if you fail because the rest of us are not bailing you out ever again. -- -- -- -- payday lineman or credit card company. The days of signing people up for products they can't afford -- confusing forms and deceptive practices those days are over. Today American consumers finally have a watchdog and Richard Cordray would -- job. To look out for them. We'll also establish a financial crimes unit. A -- train investigators to crack down. On -- scale fraud and protect people's investments. Some financial firms violate major anti fraud lost because there's no real penalty for being a repeat offender. That's bad for consumers. And it's bad for the vast majority of bankers and financial service professionals. Who do the right thing. -- pass legislation that makes the penalties for fraud count. And tonight I'm asking my attorney general to create a special unit -- federal prosecutors and leading state attorney -- To expand our investigations into the abusive lending and packaging risky mortgages that led to the housing prices. This new unit will hold accountable those who broke the law. Speed assistance to homeowners. And help turn the page on an Arab recklessness that -- so many Americans.
This transcript has been automatically generated and may not be 100% accurate.