US unveils biggest regulatory overhaul
US President Barack Obama has proposed the most ’sweeping’ regulatory overhaul since the 1930s, vowing to stop future meltdowns in a financial system humbled by lax oversight, greed and huge debts.
The reforms, which must be approved by Congress, will inject the government deeper into financial markets and industries in a bid to tame the recklessness in which a mortgage meltdown tipped the world into deep economic crisis.
‘We did not choose how this crisis began. But we do have a choice in the legacy this crisis leaves behind,’ Obama said in remarks released by the White House ahead of his formal announcement of the reforms later on Wednesday.
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