It's President Obama versus the lobbyists again.

Obama on Friday afternoon criticized the U.S.Chamber of Commerce for running advertisements opposing his administration's plan to create a Consumer Financial Protection Agency for investors. He called the ads "false."

"Predictably, a lot of the banks and big financial firms don't like the idea of a consumer agency very much," Obama said in remarks in the White House to talk about the new agency. "In fact, the U.S. Chamber of Commerce is spending millions on an ad campaign to kill it. You might have seen some of these ads -- the ones that claim that local butchers and other small businesses somehow will be harmed by this agency. This is, of course, completely false -- and we've made clear that only businesses that offer financial services would be affected by this agency."

He then went on blast lobbyists in the financial services sector in general.

"All this hasn't stopped the big financial firms and their lobbyists from mobilizing against change. They're doing what they always do -- descending on Congress, using every bit of influence they have to maintain the status quo that has maximized their profits at the expense of American consumers, despite the fact that recently a whole bunch of those same American consumers bailed them out as a consequence of the bad decisions that they made. And since they're worried they may not be able to kill this agency, they're trying their hardest to weaken it -- by asking for exemptions from this agency's rules and enforcement; by fighting to keep every gap and loophole they can find."