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Obama to Introduce Plan to Reform Financial Indust
Date: 6/17/2009 9:53:46 AM Sender: CDP
Obama to Introduce Plan to Reform Financial Industry Oversight

By VOA News

17 June 2009

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President Barack Obama

U.S. President Barack Obama will formally unveil plans for the largest overhaul of the U.S. financial regulatory system in decades on Wednesday, though he has already described some of the plans in interviews.

Top U.S. economic officials say regulatory failures played a key role in the financial meltdown.

To keep that from happening again, Mr. Obama suggests giving the U.S. central bank (the Federal Reserve) greater powers to supervise banks and financial institutions large enough to damage the economy if they were to collapse. A council of regulators would also monitor all kinds of risks across the financial system.

Under his proposals, the government would get expanded powers to take over large, failing financial institutions, reorganize them and sell their assets to other firms. Without these powers, Washington has had no choice but to bail out huge financial firms on the verge of collapse.

Mr. Obama wants to create a Consumer Financial Protection Agency that would regulate mortgages, credit cards, and other products.

He said in an interview with Bloomberg television on Tuesday that "sensible new rules" are needed to restore confidence in American markets. The president says his administration aims to improve regulatory agencies so that they can move quickly to prevent future crises.


Some information for this report was provided by AFP, AP and Reuters.

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