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Lede: The AFL-CIO says it welcomes efforts by the Obama administration to reform the financial system and protect people from Wall Street’s excess. Doug Cunningham has more.

By Doug Cunningham

The labor federation says financial system reform must include four core objectives. Bringing transparency and expanded SEC oversight to the banking system, protecting communities by stemming the foreclosure crisis, creating a system-wide regulator accountable to the public interest and building a strong commitment to consumer protection, including an agency making sure that financial products are safe and fair. The AFL-CIO says for too long working families have paid the price for Wall Street’s excess, including millions of lost jobs, billions of dollars in bailouts and trillions of dollars in retirement savings lost. The labor federation says banks should no longer have the power to fix the rules of the game and government needs new powers to seize financial institutions whose collapse would threaten the financial system. The AFL-CIO says it looks forward to fighting side by side with the Obama administration to enact real reform of the financial system.