US President Obama said his administration is proposing new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules during a speech on Monday.

Addressing at the one-year anniversary of the Lehman Brothers Holdings Inc.'s collapse, Obama said the crisis was not just the result of decisions made by the mightiest of financial firms, but also the result of decisions made by ordinary Americans to open credit cards and take on mortgages.

"While there were many who took out loans they knew they couldn't afford, there were also millions of Americans who signed contracts they didn't fully understand offered by lenders who didn't always tell the truth," Obama said.

Obama said the lack of consumer protection agency was part to blame and he promised the Consumer Financial Protection Agency, which his administration proposed to establish in June this year, will have the power to ensure that consumers get information that is clear and concise, and to prevent the worst kinds of abuses.

"Consumers shouldn't have to worry about loan contracts designed to be unintelligible, hidden fees attached to their mortgages, and financial penalties -- whether through a credit card or debit card -- that appear without warning on their statements," Obama assured the audience inside the Federal Hall in New York City and in front of TV.

(Xinhua News Agency September 15, 2009)