Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Obama brings financial regulation up to speed

Staff Reporter 1 minute read

US President Barak Obama has unveiled a sweeping overhaul of the American financial regulatory system to bolster the flailing economy’s financial institutions and prevent a reoccurrence of the financial crisis.

The transformation will be “on a scale not seen since the reforms that followed the Great Depression” according to the President, and will grant more powers to the US Federal Reserve and enable it to rescue companies deemed too big to fail.

The country’s largest banks will also be required to put money aside to protect against losses, The Los Angeles Times reported overnight.

"It is an indisputable fact that one of the most significant contributors to our economic downturn was an unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess," President Obama said.

 

Obama brings financial regulation up to speed
default
TheAdviser logo
default

 

more from the adviser
regulation rules AFCA amends complaints rules following court case

The financial services ombudsman has changed its rules after the ...

meeting top view ta 62c1 Half of home owners wary of bank refinance advice

One in two borrowers does not believe banks always have their bes...

house sold Hot Property: The biggest property headlines from the week 18-22 January

Here’s the weekly round-up of the biggest news stories from acr...

FROM THE WEB