Wed | May 27, 2020

Obama pushes case for bank reform bill

Published:Wednesday | December 31, 1969 | 7:00 PM

US President Barack Obama is today expected to push the case for more government regulation of big banks in a speech to financial leaders in New York.

President Obama will make the speech at the Cooper Union where, as a Presidential candidate in 2008, he warned that failures of regulation had resulted in a distorted market.

Later that year, the financial system was gripped by crisis after the collapse of the Lehman Brothers investment bank sent shockwaves around the world.

Officials say Mr. Obama plans to warn bankers that they should not fight fresh regulations which are in their interests.

A bill proposing tighter regulation, which has five major themes, is due to be debated in the US Upper House, the Senate, next week.

It was approved by the House of Representatives in December.