From the FINANCIAL TIMES:
US President Barack Obama will use a speech in New York on Thursday to push for a financial regulatory overhaul, framing the bill as a choice between common sense financial reforms and special interests working on behalf of the big banks.
Key proposals:
- A system to ensure the financial system, broader economy, and taxpayers are protected in the event that a large company begins to fail
- The Volcker rule, which sets limits on the size of banks and the risks banking institutions can take
- Reforms to bring greater transparency to financial markets, and bring derivatives and other complicated financial instruments into the open
- More protection for consumers
- Investors and pension holders to be given a stronger role in determining who manages the companies in which they’ve placed their savings…
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