In Wake of AIG, Obama Calls for More Authority Over Financial Services

Pres. Obama is seeking more "tools" to keep the financial systems out of trouble.In the wake of the AIG bonus snafu, Obama says he envisions a body that plays a similar role to the way the FDIC protects creditors, depositors and consumers while also being more proactive in its dealings with troubled institutions, like AIG. Without getting into too many specifics, the President outlined his ideas to reporters earlier this week.

Whatever should come of this, one this is for sure: expect it to be part of a series of announcements around expanding the nation's financial regulatory authority.