There is a very real danger that financial regulation will become a wolf in sheep's clothing.

Well, as you know, we're working through a difficult period in our financial markets right now, as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system.

Economic growth and environmental protection are not at odds. They're opposite sides of the same coin if you're looking at longer-term prosperity.

The U.S. didn't save enough; we borrowed a lot. There were structural imbalances in Asia with exporters, with oil exporters for a whole variety of things.

It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.

A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis. With access to all necessary information to monitor the markets, this regulator would have a better chance of identifying and limiting the impact of future speculative bubbles.

Our overriding goal in restructuring our financial architecture should be that taxpayers never again have to save a failing financial institution.