Getting your player ready...
WASHINGTON — After devoting money and time in search of a rescue for the ailing banking sector, President Barack Obama on Wednesday demanded tough new regulations to keep financial institutions in check and avoid future Wall Street meltdowns.
Obama pressed key lawmakers to overhaul the nation’s financial regulatory scheme to restore “accountability, transparency and trust in our financial markets.” He called for a system that would monitor the risks that institutions can take.
“We can no longer sustain 21st-century markets with 20th-century regulation,” Oba ma said after meeting with Treasury Secretary Timothy Geithner and the chairmen and top Republicans of two House and Senate panels charged with writing regulatory legislation.
