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India On Media |
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| Politics
News |
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| US unveils banking reform plans |
| The US government has announced a major reform of banking regulation to prevent future financial crises
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| UNITED STATES OF AMERICA
, 18-June-2009
2:51:39 AM |
| 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.
"We know that this recession is not a result of one failure but of many. And many of the toughest challenges we face are the product of a cascade of mistakes and missed opportunities which took place over a course of decades."
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