Obama to urge financial overhaul

by admin on Sep.14, 2009, under Banking Group, Global Economic Crisis, World Economy

US President Barack Obama is poised to call on Congress to approve an overhaul of the US regulatory regime.

In a speech to mark one year since the collapse of Lehman Brothers bank, he will also mount a vigorous defence of his administration’s economic policies.

The US president will focus on “the need to take the next series of steps” in regulatory reform, White House spokesman Robert Gibbs said.

Mr Obama’s team have argued that they staved off a second Great Depression.

Mr Obama will give his speech at 1210 local time (1610 GMT) in New York, at Federal Hall on Wall Street, where George Washington was inaugurated as the first US president.

:depression, economic, financial crises, obama, president, recession

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