President Barack Obama said tougher financial regulations are needed worldwide to protect consumers, provide economic stability and prevent future crises.
» Bloomberg [ Contribute: submit link / submit article ]
Leading Senator Pushes New Plan to Oversee Banks
The senior Senate Democrat shepherding legislation to overhaul the nation’s financial system is planning to propose the merger of four bank agencies into one super-regulator, an idea that is significantly different from what President Obama envisions.
“We clearly need to put in place an architecture that restores confidence and makes people feel that when they engage in financial activities, from making a bank deposit to buying insurance or investing in stock, that they can have confidence in the system,” Mr. Dodd said in an interview on Friday. “On the other side of this, I don’t want to strangle business.”
» New York Times [ Contribute: submit link / submit article ]
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