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In his speech, the president said the goal isto “restorr markets in which we reward hard work and not recklessness and grees – in which honest, vigorous competitioh in the system is prized, and those who game the systenm are thwarted.” Among other things, the president’a plan requires all financial firms that pose a significant risk to the financial system at largse to be overseen by strong, consolidated supervisioh and regulation.
An 89-page report by the notes that the “rootx of the economic crisis go back Years without a serioua economic recession bred complacency among financial intermediaries and Rather than scrap theentire system, Obama said the reformsd “pinpoint the structural weaknesses that allowed for this crisizs and to make sure that these problems are dealt with to avert future crises.” Increase market discipline and transparency to make markets strong enough to withstanc system-wide stress and the potential failure of one or more large financiakl institutions. Rebuild trust in the markets by creating the Consumefr FinancialProtection Agency.
Provide the government with the tools needed to manage financial crises so it is not forceed to choose between bailouts andfinancial collapse. Raisew international regulatory standards and improveinternational coordination.
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