Obama urges biggest financial reforms since 1930s
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WASHINGTON (Reuters) – President Barack Obama laid out his vision for recrafting U.S. financial regulation on Wednesday, vowing to halt “a cascade of mistakes … over the course of decades” that eroded bank and market oversight.
A centerpiece of the plan is vesting the Federal Reserve with new powers over “systemic risk” in the economy with the aim of preventing future disasters like September’s collapse of former Wall Street giant Lehman Brothers and the taxpayer bailout of mega-insurer American International Group.
“My administration is proposing a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression,” the president said in a speech at the White House.
Obama is walking a tightrope. He must avoid clamping down too hard on financial interests, stifling their role in driving growth in an economy that is trying to dig out of a recession.
“The administration’s proposal is so vast and controversial that it will be extremely difficult to enact and will produce great uncertainty in the financial markets,” said Edward Yingling, president of the American Bankers Association.
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