Finance

Finance

B. Obama offers overhaul of the financial system to Senate

16 March 2010 14:34 (UTC +04:00)

Baku â€“ APA-Economics. U.S. President Barack Obama on Monday welcomed the legislation for sweeping overhaul of the financial system unveiled by Senate Banking Committee Chairman Christopher Dodd and promised to fight any efforts to water it down.

This proposal provides a strong foundation to build a safer financial system, Obama said in a statement.

The Federal Reserve would gain new powers over non-bank financial firms and keep much of its authority over banks under the legislation, which Dodd’s panel will debate next week.

The bill creates a new consumer financial protection agency to set and enforce clear rules of the road and establishes stronger supervision for the largest financial firms under the Federal Reserve, Obama said.

As the bill moves forward, I will take every opportunity to work with Chairman Dodd and his colleagues to strengthen the bill and will fight against efforts to weaken it, Obama said.