By Courtney Ann Jackson. Talk Radio News Service

Financial industry leaders were in agreement Friday that the Obama administration’s proposed financial regulatory reform is necessary, noting that the reform will renovate and strengthen the financial marketplace and many of its regulations. During a Committee on Financial Services hearing Friday, many of the panelists applauded the administration’s proposal.

"We fully support the Administration’s five key principles for strengthening consumer protection-transparency, simplicity, fairness, accountability, and access-and we are pleased to see the Chairman carry these principles forward as he works to fill the regulatory gaps to protect consumers," said Diahann Lassus on behalf of the Financial Planning Coalition.

Other panelists highlighted the administration’s "diagnosis of the deficiencies" of the current financial framework. They said it is outdated and some aspects have led to confusion and inefficiencies for years now.

Regulations received much attention with panelist Robert Nichols, President and COO of Financial Services Forum, saying the framework as it currently stands, "undermines regulators’ ability to ensure institutional and systemic safety and soundness-helping to create the opportunity for, and exacerbating, the current financial crisis."

Committee member Rep. Paul Kanjorski (D-Pa.) noted a survey by ShareOwners.org that sites 58 percent of investors are now "less confident in the fairness of the financial markets" than they were one year ago. He noted that a major reason for the lack of confidence is due to the failure of regulators.

"We must enact strong new laws," said Kanjorski.