President Obama will propose limits Thursday on the size of the country's biggest banks as a means to reduce risk-taking, a seniorU.S. official said Wednesday night.
Obama, who is meeting today with former Federal Reserve Chairman Paul Volcker, will propose the new rules as a part of an overhaul of financial regulations, the official said.
"We've got a financial regulatory system that is completely inadequate to control the excessive risks and irresponsible behavior of financial players all around the world," Obama said in an interview with ABC News.
Volcker, who is chairman of the President's Economic Recovery Board, has criticized as "reform light" efforts by the financial industry to weaken financial regulation proposals in Congress.
Volcker and other policymakers have raised concerns about the risks and conflicts of large financial institutions investing their own money, as opposed to customers' money, in securities, commodities, derivatives, hedge funds and other financial products.
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