Washington: US President Barack Obama today
called for new restrictions on the size and scope of banks and
other financial institutions to rein in excessive risk taking
and protect taxpayers.
The proposal released by the White House would strengthen
the comprehensive financial reform package that is already
moving through the Congress.
"While the financial system is far stronger today than it
was a year one year ago, it is still operating under the exact
same rules that led to its near collapse," Obama said.
"My resolve to reform the system is only strengthened
when I see a return to old practices at some of the very firms
fighting reform; and when I see record profits at some of the
very firms claiming that they cannot lend more to small
business, cannot keep credit card rates low, and cannot refund
taxpayers for the bailout. It is exactly this kind of
irresponsibility that makes clear reform is necessary," Obama
added.
The White House said in the coming weeks, Obama and his
economic team will work with Congress to ensure that no bank
or financial institution that contains a bank will own, invest
in or sponsor a hedge fund or a private equity fund, or
proprietary trading operations unrelated to serving customers
for its own profit.
-PTI
