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Global financial crisis one year on

14 September 2009 10:52 (UTC +04:00)

Bakuâ€“ APA-Economics. President Barack Obama, speaking a year after Lehman Brothers Holdings Inc.â€™s collapse, heads to Wall Street today to outline his plan for unwinding government involvement in the financial sector and to argue that new regime of rules to prevent a market crisis is needed more than ever, Bloomberg reports.

Obama will use the backdrop of Federal Hall in New York City to try and revive efforts at revamping market regulations. The president will urge the financial community to support that goal and he will emphasize the need for global coordination on financial oversight, according to an administration official speaking on the condition of anonymity.

During his 30 minute-long speech tomorrow, Obama will recount steps taken by the administration in response to the financial crisis and discuss steps the government is taking to reduce its involvement in the financial sector, the administration official said.

Treasury Secretary Tim Geithner will be in attendance along with Christina Romer, the chairwoman of the administrationâ€™s Council of Economic Advisors, the official said, along with members of the financial community and consumer advocates.

The administrationâ€™s focus on health-care legislation has overshadowed work being done to craft a new set of financial regulations that the president called for earlier this year. Obamaâ€™s top advisers say the time to act is now.

Lehmanâ€™s filing for bankruptcy on Monday, Sept. 15, 2008, helped trigger a global financial crisis that led to more than $1.6 trillion in losses and write downs by financial institutions and unprecedented government interventions in banking, insurance and auto industries. The government bailouts, in turn, have stirred public anger, rippling beyond the financial system.