Barack Obama will announce a major reform of America’s financial regulatory system later today including tougher powers for the Federal Reserve and more protection for consumers.
Barack Obama will announce a major reform of America’s financial regulatory system later today including tougher powers for the Federal Reserve and more protection for consumers.
President Obama is determined to give the US government more authority over financial institutions and markets which brought the system to the brink of collapse. Even before taking office in January, he was playing a major role in repairing the US economy. Having launched a massive stimulus package, bailed out Wall Street and helped the car industry to restructure, Obama now plans to shake up a system that dates back to the Great Depression.
A draft copy of the proposals obtained by the Washington Post says the blame for the crisis should be shared between financial firms which grew complacent in the good times, Americans who took on too much credit, and the government for failing to regulate the system properly.
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