In his weekly radio and Internet address on Saturday, President Barack Obama strongly defended his proposal of a Consumer Financial Protection Agency to oversee mortgages, saying that the agency would cramp misleading lending practices and difficult-to-comprehend contracts that often hurt consumers.

The President's proposal of the agency - which he intends to be part of his administration's redrafted rules that govern the financial sector - is currently under consideration by the Congress, and industry lobbyists are reportedly herding against it. They opine that creation of the agency would not only lead to an overlap in regulatory levels, but also place the government in the thick of lawful business decisions.

However, the President has reiterated once again that the existing financial rules result in the exploitation of consumers; and has sent out a clear signal to the critics of his proposed overhaul, saying: "While I'm not spoiling for a fight, I'm ready for one."

In his address, the president said that his financial overhaul proposal is aimed at preventing a recurrence of another economic downturn. Stressing on the need to set up the supposed 'consumer watchdog office' Obama said: "This is essential. For this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans and other financial instruments."