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In early January, President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau. This new government agency says it has already made home loans and credit card agreements easier for Americans to understand. But the Obama administration said the bureau cannot supervise financial products like home loans without a director. The president used a measure known as a recess appointment to fill the position. He nominated Mr. Cordray last July. But the opposition Republican Party blocked a vote in the full Senate.Mr. Obama announced the appointment during a visit to Ohio. It was his first political campaign trip of the year. He told the crowd that the severe economic crisis three years ago did not happen because of too many financial rules. Mr. Obama said: "Does anyone think the reason why we got into such a financial mess, the worst financial crisis since the Great Depression, the worst economic crisis in a generation, that the reason was because of too much oversight of the financial industry? Of course not. We shouldn't be weakening oversight, we shouldn't be weakening accountability, we should be strengthening it!"Senate Minority Leader Mitch McConnell criticized the president's appointment. Many Republicans oppose the new agency, saying its goals are not clear. They also want a group of people to lead the agency instead of a single director. The Consumer Financial Protection Bureau resulted from the Dodd-Frank Wall Street Reform and Consumer Protection Act of twenty ten. Its goal is to make the market for financial products safer. Educating Americans about investment and loan products, enforcing financial laws and studying financial information all are part of its duties. The agency's budget is expected to be around five hundred million dollars. Richard Cordray served as Ohio's attorney general for two years. He has earned praise for bringing legal action against banks and financial companies accused of harming homeowners and borrowers. Mr. Cordray launched cases against Bank of America and insurer AIG. His recess appointment is effective only until the end of the Senate's current term.For VOA Special English, I'm Carolyn Presutti.For more business news, go to voaspecialenglish.com, where you can download MP3s and texts of our programs. Read, listen and learn English and much more. Click on The Classroom for learning activities and interactive features. And join us on Facebook, Twitter and YouTube at VOA Learning English. (Adapted from a radio program broadcast 06Jan2012)
Brokerage fee amount by transaction value 1.
Trade online and settle your trade to a CDIA or CommSec Margin Loan 2.
Trade online and settle into a bank account of your choice.
Share Trades over the Phone 3.
CommSec Share Packs online 4.
CommSec Share Packs over the phone 4.
Trades requiring settlement through a third party 6.
1 For GST rounding reasons, the final brokerage fee may vary from the stated or expected brokerage fee by a couple of cents.
4 Normal brokerage will apply when a stock acquired through CommSec Share Packs is subsequently sold.
5 Amount per share will be noted as brokerage on each confirmation issued. There will be no substitution should a stock have a trading halt placed on it.
6 Includes third party Margin Lending, and where the Commonwealth Bank exercises its rights under the loan Terms and Conditions.
Other fees may apply. Please see the CommSec Financial Services Guide.
Open a CommSec Share Trading Account.
Buy and sell shares using a CommSec Share Trading Account with our cash account - with it you can seamlessly settle trades, transact and earn interest.
Buy and sell shares using a CommSec Share Trading Account with your existing bank account.
Frequently asked questions.
Shares held with another broker.
For the transfer to be successful the name and address registered on your issuer holdings must match your CommSec account.
Your request will be completed within 72 hours.
Shares held with the share registry To transfer shares held with the share registry into your CommSec Trading Account you need to complete an Issuer Sponsored Holdings to CHESS Sponsorship Transfer Form.
Your request will be completed within approximately 48 to 72 hours of receipt.
When you have bought and sold shares on the same day and the next trading day, your payment may be partially or wholly offset. For more information refer to the New Client Guide.