" QUESTION FROM BABASFARMLIFE: With more and more households having to live withing budgets. Why is the Government spending more and more money on special projects or new bills that go into law. Won't that increase our deficit and cause even more problems for our individual budgeting? We'll have to increase taxes to pay for spending. " by Cooper

" POSTED BY "GRANDMA": If we have an opportunity to have the White House ear, we really can be heard. So , we CAN make a difference. Our children and their futures depend on each of us. What question is the best? EVERY ONE! How do we provide for and protect our children? We can cut back, work harder, live with less, and adjust our plans but we can not limit our dreams. Will big banks, insurance companies and other financial interests do the same? How can our government- republican and democrat- come to recognize the crisis that is upon us ? Apparently , our leaders can not hear above the din of those who hear only the sound of money? This working grandma wants her grandchildren to believe in their nation and what it stands for. Will they? I pray that will be possible! Grandma, a mother ,grandma, wife and career girl. " by Cooper

" I commented on the post the White House Blog linked to, but perhaps it is better to comment here?

Education is power.

My biggest recommendation is that all members of congress, and all American High School students obtain an education about supply and demand, using capital to start a business, interest and loans, balancing a checkbook, and making a budget for buying a big ticket item in the future.

"Those greedy wall-street guys" can't take advantage of us if we're educated. And if we don't let them over-leverage, many of the systematic risks decrease.

Secondly, regulations and new organizations often have unintended consequences. Take the FDIC. What it means to most of us is "If I put my money in this bank, even if the bank fails, I can get my money back again." What it means to the bankers is, "I can get a low-interest or no-interest loan from thousands of consumers that other companies just can't get."

Deposit insurance encourages banks to over-leverage, spending that money we've loaned them foolishly on high-risk high-reward investments, because they don't have to pay as much interest as another company that has to issue bonds to consumers and promise to pay those bonds back at 4, 5, even 7% interest.

Don't get me wrong, I don't want to get rid of the FDIC, but I think we should look at the unintended consequences of "protecting consumers" on the other side.

For starters, I think FDIC insurance premiums should be based not only on the dollar amount insured, but on a bank's mark-to-market leverage ratio. That's a change I can stand behind.

Making a whole new national institution to protect consumers -- I don't think so. I think there will be too many unintended consequences. Educate consumers. Don't protect them in this way. There will always be greed. There will always be unscrupulous people working in industry. If someone wants to mug me and steal my purse, no regulatory body in the world will stop them. Only their mother's voice inside their head can stop them. The little voice that says, "It's wrong. Don't do it. I know it's hard. Do the right thing because I believe in you."

The government can only teach, "Don't get caught."

Educate. Support morals. Support mothers. Thank you, --Beth " by BethLeonard

" I agree with Tazz-- the economy would be best served if the government would get out of the way. Yes, Wallstreet greed is partially to blame for this situation, but the American people spending more than they make and not having any money in savings is also a problem. How does the administration propose to help people learn to live within their means and be responsible with their money? " by slamberto

" How long is this going to take? " by Juanita

" I guess I have more of a comment rather than a question. The language with anything Washington is always so wonky. It feels so removed and inhuman - healthcare is a perfect example - so the average person doesn't "get" it nor do they feel like it relates to them. I wish something as important as parents and families getting ripped off by enormous institutions was regulatory reform you could put into simple, everyday language, so we understand what you are talking about, why it matters and how we can help push more for it. Thanks! " by Clarice

" A QUESTION FROM ASHA DORNFEST: The safeguards the administration aims to put in place are crucial. However, without a basic and consistent understanding of investment and financial planning principles, Americans are still vulnerable to the advice of less-than-impartial financial advisors. How do you intend to more broadly educate Americans about sound financial planning so that, in addition to reading the fine print, they can become smarter financial consumers overall? -- from Asha Dornfest, founder of Parent Hacks [http://parenthacks.com] " by Cooper

" A QUESTION FROM TRACEY HENRY: I%u2019m particularly concerned with the safety and security of our retirement funds. We%u2019ve always followed the experts advice by maxing out our 401k contributions every year and not relying on Social Security to be part of our retirement plan. When the Madoff Scandal broke and so many banks collapsed, many people found out that their own retirement was at risk because their pensions were ultimately tied to these fraudulent or weak funds causing far-reaching devastation to directly affect many people who never actively invested, but were simply part of an employer%u2019s pension. How will our retirement funds be protected from other these other risks that we don%u2019t seem to have control over? " by Cooper

" The new disclosure laws for credit card companies is a HUGE step in helping individuals understand their debt. Is there anything that can prevent credit card companies from soliciting college students? " by Deborah

" How will the CFPA look out for families specifically when mortgage brokers are looking out for themselves and the companies they represent? " by Deborah

" Many homes in my upper-middle class neighborhood were purchased with no down-payment and on an ARM. Those homes are now in foreclosure; hurting those of us that bought homes responsibly. Foreclosed homes now for sale at half their original purchase price just 6 years ago destabilizes our neighborhood and traps remaining homeowners ability to move elsewhere. What will prevent homeowners from purchasing a house they cannot afford in the future? Will the purchaser have to show proof of income? Down-payment? Transparency of all debt? " by Deborah

" I have family members in the Philippines which mean I send money home every month to help them. In the past few years I%u2019ve seen the value of the dollar go down. The US dollar used to have a higher exchange rate. Will these new regulations affect the value US dollar? How will this new financial regulatory reform affect the buying power of the US dollar? " by gottalovemom

" I'm wondering what this agency is going to do differently--different laws to better protect consumers, or better enforcement of the laws we already have, or both? And is increased regulation going to make financial products more expensive, making it more difficult for ordinary families to invest for their futures? " by Becki

" How has this recession affected you and how might reforms help? Fear of job loss - What issues are most important to you? health care reform, education - What changes would you like to see? Employee mandated health care with affordable premiums, incentives for companies that offer affordable health care, education, vouchers, increased pay for teachers, social security reform - What financial protections would you like to see in place? restrictions on interest rates for credit cards, mortgages, incentives extended to families who are not struggling to pay mortgages - What do you think of recent proposals? lacking " by Dallasbap

" Most of the credit card crisis started from credit companies showering individuals with credit card applications. I have noticed that some credit companies have already changed the way they lure young adults but there are some companies that still target young college students. Can the administration encourage the school system to teach children the concept and credit and personal responsibility? Can there be a public service announcement on how to be responsible with money. I know these things should be taught at home, too, but there are young adults who don%u2019t fully understand the responsibility that comes from borrowing money " by gottalovemom

" I've read about the costs that could be saved if private companies didn't act as middlemen between college kids needing loans and the federal government underwriting those loans to colleges and universities. Is this system going to change so college students and their families get cheaper rates? " by Momofseven

" I am a single mother and I work full time. I have a really good job and I get paid a decent salary but I get no help from my daughter's father. The issue that I have is because I make a certain amount of money I am not eligible for any help. I cannot get reduced lunches, daycare vouchers or even food stamps. I struggle every month to pay my bills and to keep my daughter involved in activities such as cheerleading and girl scouts. I work 40+ hours a week and I am on-call every other weekend so I am not looking for a hand out by any means. I just wonder what kind of message are we sending when someone like me who works hard is not eligible for any help because I "make too much money" and the people who are eligible are the ones who don't work and ARE looking for a handout???? " by gigismom

" Every year, the cost of college education increases. The amount of FAFSA loans available is not enough for college tuition which forces students to either go to community college or borrow from private institutions with higher interest rate. Is there a way to make ALL college or universities affordable? " by gottalovemom

" With the financial service industry making so many campaign contributions, will this impede Congress's effectiveness to act? Will this legislation have any provisions to help home owners who are already in bad mortgages get out of them? Brandie lives in the Chicagoland suburbs with her husband and 3 kids. When not tending to the kids and house, she spend her time hanging out on-line, reading, and crafting! " by Brandie

" You all have left so many great questions. I too am concerned about the agency not getting watered down and wondering too, like Joanne, how this agency will serve any better than an agency like the SEC. " by MammaLoves

" Emily, to your point, next year (I think February but I'm not sure) credit companies can't have credit card sign-ups on college campuses anymore. And soon thereafter, anyone under 21 will have to have a co-signer to get a card - not sure when that kicks in though. That was all passed in May! " by Brandie

" Most families own small businesses and a big number are managed by women and mothers. With new regulations in place, how does this new financial regulatory reform affect small businesses? Will new regulations prevent job creation? And with all the bureaucracy already in place in various departments of the government, how can the administration ensure that these new regulations will actually be enforced effectively? " by gottalovemom

" Here are my questions... 1. What effect will the proposed Consumer Financial Protection Agency (CFPA) have on current regulatory agencies? Will regulators and rules be consolidated under this new umbrella? Which agencies in particular will be moved? How long will it take to streamline the process? How will overlapping regulations or loopholes be closed if contradictions exist? 2. Which, if any, provisions will be put in place under this new agency to protect those Americans who practice fiscal responsibility? In other words, which specific provisions will be put in place to make it more lucrative for financial institutions to conduct honest business with financially responsible clients rather than what they can stand to gain by exploiting those who are in desperate financial situations? Amie Adams lives in Springfield, VA. She is a married mom of three boys. Both Amie and her husband Greg work full-time as consultants in the DC area. They have been saving for their sons' education since each was born and yet are still concerned about how they will pay for three sets of college expenses after the latest problems in the market. Amie blogs about parenthood, politics and her creative ventures at Mamma Loves... (http://mammaloves.blogspot.com) " by MammaLoves

" What happen? What happen to the days where you worked hard, saved your money and reaped the benefits of doing what was right for you and your family? How do I explain to my children that the world is now regulated? That once upon a time adults were capable of making adult choices and lived with consequences of their actions? How do I explain that it no longer matters how hard you work or how long you go to school you may still end up on government assistance due to circumstances beyond your control? How do I convince my boys that one day they may not be able to care for their families inspite of doing all the right things? But instead, their hard work will also benefit others who make different choices. Who regulates the regulator? And what happens if they get laid off? " by Dallasbap

" Congress just passed credit card legislation in May. Do we need more credit card protections in place? Why wasn't it done then? Or should we be focusing on protections for mortgages? And will the bill do anything to help those already in bad mortgages get out from them? Or will it only apply to mortgages in the future? " by Brandie

" We hear from so many members of TheMotherhood who are under water with their mortgages. What protections are being put into place to protect homeowners going forward, but also right now? " by Emily

" Credit starts with credit cards, so I agree with needing to focus there. Preying on people with little or no credit (college kids, elderly, mentally unstable, etc.) shouldn't be allowed, and usurious rates are just so wrong. " by Emily

" Credit card rates and fees continue to increase. Why isn't this regulation in place now? Why do we need to wait for this protection and what can consumers do in the meantime? " by Cooper

" We are in this severe economic crisis due in large part because financial institutions operated in many cases without regulations. What regulations are the Administration putting in place that will prevent this crisis from happening again? " by Cooper

" I am a stay-at-home mother of three children. I have recently returned to school, but was very disappointed with the small amount of grants I received. Our family does not make a lot of money & I have had to pay many expenses out of pocket that have almost resulted in me having to withdraw from school. President Obama is encouraging mothers to return to school, but what is being done to help us receive the financial aid we need to make this a reality while still raising our families? Beth, stay-at-home mother, freelance writer, student " by momsquadblog

" If the government would get out of the way and let the private sector get on with business there would be more jobs. They tie their hands in more ways then you can imagine. Most small companies can't afford to hire more people because of some of the rules and regulations the government had passed. They keep talking about the people losing their insurance every day. Of course their losing their insurance because they are losing their jobs. They keep making excuses and spending more and more money that we don't have. I don't want more regulations. I don't want the government taking care of me. I want to take care of myself. I don't want to have to answer for every thing I do and I don't want to have to go to the government with every one of my problems. Look what happened when they told people who could and could not buy a home. There was a time when you could buy something if you had a job and could pay for it, period. Sounds simple huh? Well, it is. If you can't pay for it why should I? That's what it amounts to in a long run. Help people yes. But help those who help themselves. Tazz " by tazz78657

" I listened to an interesting TV news debate recently about how to improve our economy as rapidly as possible. One commentator said that job creation needs to be the #1 priority for the US right now because all the other things (like healthcare, housing, industry, etc.) follow from there. If people have a job, they can afford to buy all the other things. I don't hear the administration talking about job creation as the #1 priority. Should that be more of a focus? " by drval

" Good points Joanne! I had e-mailed my questions, but my primary concern was with so many in Congress getting so many contributions from financial service providers, how can we be certain it won't get watered down to the point where it's not even effective. And I didn't ask this, but how do we determine where to draw the line on regulations too, I want some, but just enough and not too much, ya know? " by Brandie

" One question I have this this -- The idea of a Consumer Financial Protection agency is wonderful and much needed in light of today's economic realities, but will it have enough ability to enforce new regulations to protect families? As we've seen with Wall Street, which has numerous regulators including the SEC, which has been around since the Great Depression, just having an agency and regulations aren't enough to protect consumers from this type of fraud. How can we be sure that a new agency will have the staffing, resources AND backing from Congress to fulfill it's mission? What commitment is the administration willing to make to ensure that a new federal agency doesn't fade into the background? Here's a short bio -- Joanne Bamberger is a political opinion writer whose commentary appears online at her site, PunditMom. She is a regular contributor to The Huffington Post, a Contributing Editor for Politics at BlogHer, and a former enforcement attorney at the Securities and Exchange Commission. She lives in Maryland just outside Washington, D.C. with her husband and nine-year-old daughter. " by PunditMom