Obama’s Banking reform plans
Obama's New Financial Proposal
President obama has announced banking reforms to prevent possible future financial crisis.
The overhaul will require big banks to put more money aside against future losses to curb excessive risk taking.
Consumers will get a special agency to protect their interests and regulate mortgages and credit cards.
In outlining the reforms, President Barack Obama described them as the biggest shake-up of the US system of financial regulation since the 1930s.
The US central bank, the Federal Reserve, will be given the authority to monitor major financial institutions.
The US President said the lack of oversight among finance firms prompted systemic abuse causing risks for both companies and individuals.
"We are working hard to build a new foundation for sustained economic growth. This will not be easy" he said. Read more...
Categories: Global Recession Tags: us financial, us recession