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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.
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