WASHINGTON (CNNMoney.com) – When President Obama takes the podium on Wednesday to talk about his proposals for avoiding the next financial crisis, he is expected to unveil one idea that speaks directly to consumers and their pocketbooks.
Obama will call for the creation of a new financial watchdog agency. Its mission will be to protect consumers from deceptive or dangerous mortgages, credit cards and other financial products.
Proponents have dubbed it a "financial products safety commission" akin to the federal agency that oversees safety of toys and other products. Obama himself broached the subject on Jay Leno's "The Tonight Show" in March.
"When you buy a toaster, if it explodes in your face, there's a law that says, 'Your toasters need to be safe,'" Obama said. "When you get a credit card or you get a mortgage, there's no law on the books that says, 'If that explodes in your face, financially, somehow you're going to be protected.'"