US President Barack Obama proposed the most "sweeping" regulatory overhaul since the 1930s, vowing to stop future meltdowns in a financial system humbled by lax oversight, greed and huge debts.The reforms, which must be approved by Congress, will inject the government deeper into financial markets and industries in a bid to tame the recklessness which saw a mortgage meltdown tip the world into deep economic crisis.
"We did not choose how this crisis began. But we do have a choice in the legacy this crisis leaves behind," Obama said in remarks released by the White House ahead of his formal announcement of the reforms later in the day.
"So today, 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."Some Obama critics, hoping for a top-to-bottom reconstruction of the greed-laced financial system, have
complained the overhaul did not go far enough, but he argued his action would restore the power of the market.Obama blamed a "culture of irresponsibility" a Great Depression-era regulatory system, reckless executive
compensation, excessive debt and markets awash in new and risky financial products for sparking the crisis."An absence of oversight engendered systematic, and systemic, abuse," Obama said.
--
By : News Team
No comments:
Post a Comment