Obama: G-20 summit good time to assess economic progress of countries at meetingSeptember 19th, 2009 Obama: G-20 summit should assess economic progressWASHINGTON — President Barack Obama says the world's leading economic powers have made progress in stabilizing the global financial system but much work remains to produce needed jobs and growth. "The good news is that we've made real progress since last time we met — here at home and around the world," Obama said in his weekly radio and Internet address Saturday.
Obama says need for financial bailouts easing, urges reformsSeptember 14th, 2009 WASHINGTON - President Barack Obama Monday said the need for hundreds of billions of dollars in financial industry bailouts was easing as the global economy recovers, but continued to push for a drastic overhaul of financial regulation in the US. One year after the collapse of investment banking giant Lehman Brothers Holdings, a bankruptcy that sent Wall Street into a tailspin, Obama was looking to regain momentum for his proposals to prevent such a crisis from ever happening again.
White House: Obama to give financial speech Monday, marking Lehman Brothers collapseSeptember 10th, 2009 Obama to give speech Monday on financial crisisWASHINGTON — President Barack Obama is delivering a speech on Wall Street Monday, exactly one year after the Lehman Brothers investment bank collapsed, precipitating the financial crisis felt around the world. The White House said Thursday that Obama will discuss steps the administration has taken to ease the crisis, its commitment to reduce government involvement in the financial sector and actions the U.S.
White House proposes crackdown on credit-rating agenciesJuly 22nd, 2009 WASHINGTON - US President Barack Obama has proposed a crackdown on credit-rating agencies, among the key players blamed in a financial crisis that has devastated the global economy. The proposed legislation sent to Congress is designed to remove conflicts of interest between the private agencies and the banks and lenders that they are rating.
Obama says consumer agency will boost enforcement and make financial products understandableJune 30th, 2009 Obama: consumer agency to enforce financial rulesWASHINGTON — President Barack Obama says his new Consumer Financial Protection Agency will protect Americans from unscrupulous practices and make financial products easier to understand. The president sent Congress a 152-page bill to create the new agency, a key element in the sweeping overhaul of financial rules the administration unveiled two weeks ago.
Obama says Bernanke is doing good but does not comment on reappointmentJune 23rd, 2009 Obama: Bernanke doing good jobWASHINGTON — President Barack Obama says Federal Reserve Chairman Ben Bernanke is doing a fine job under difficult circumstances but he declines to say whether he will reappoint the chairman in January. Obama said he would not make news about Bernanke at a White House press conference Tuesday.
Obama says new regulatory system will add protectionsJune 16th, 2009 Obama promises to close regulatory gapsWASHINGTON — As the Obama administration prepares to unveil an overhaul of the way financial institutions are regulated, President Barack Obama says the goal will be to fill a "series of regulatory gaps."
Obama told reporters Tuesday there's been a "lack of oversight" that allowed what he termed "wild risk-taking." He says it led to conditions that have been "very dangerous" for the American people. Obama says rather than adding another layer of regulatory agencies, his approach will be to streamline and consolidate, and to add protections for consumers and investors.
Bernanke: links between financial markets and economy need to be better understoodJune 4th, 2009 Bernanke: crisis shows need for more researchWASHINGTON — Federal Reserve Chairman Ben Bernanke says the global financial crisis highlights the need for economists to deepen their understanding of how events on Wall Street can affect the broader economy. In prepared remarks to a Fed conference, Bernanke says: "The rationale for such research has certainly been underscored by the financial crisis that began in August 2007 and the powerful adverse effects of the crisis on economic activity around the globe."
The Fed chief's remarks didn't mention current economic conditions, or offer clues as to whether the central bank would announce any additional steps to shore up the economy at its meeting later this month.
Obama signs laws to help homeowners, prevent fraudMay 21st, 2009 WASHINGTON - US President Barack Obama Wednesday signed laws designed to help struggling homeowners avoid foreclosure and to combat mortgage and financial fraud. The two separate bills, the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act, 'will protect hard-working Americans, crack down on those who seek to take advantage of them and ensure that the problems that led us to this crisis never happen again,' Obama said at a signing ceremony in the White House.
Obama: Government rules will shrink Wall Street's role; top talent may seek different careersMay 3rd, 2009 Obama: Wall Street will play less dominant roleWASHINGTON — Wall Street is not going to play as dominant a role in the economy as regulations reduce "some of the massive leveraging and the massive risk-taking that had become so common," President Barack Obama says. The changes in the role of Wall Street and the huge profits that came from that risk-taking could mean other adjustments as well, Obama said in an interview in this week's New York Times Magazine.
There are no sides over stimulus at G20, says ObamaMarch 15th, 2009 WASHINGTON - US President Barack Obama has insisted that there were no divisions forming over economic stimulus policies among leaders attending next month's summit of the world's 20 leading economies. Obama, who held talks Saturday with Brazilian President Luiz Inacio Lula da Silva on the global financial crisis and energy issues, was asked by reporters about perceived difference between the US and the European Union (EU) on government borrowing for stimulus measures.
Obama will use $75 bn to tackle housing crisisFebruary 18th, 2009 WASHINGTON - US President Barack Obama said Wednesday he hopes to keep between seven and nine million homeowners out of foreclosure, using $75 billion to stabilize a housing crisis that is at the heart of the country's deepening recession. Obama unveiled plans offering aid to homeowners struggling to pay their mortgages, to relax rules on mortgage refinancing and to help neighbourhoods raise property values by renovating already foreclosed properties.
Obama discuss financial crisis with Chinese presidentJanuary 30th, 2009 WASHINGTON - US President Barack Obama and Chinese President Hu Jintao agreed during a telephone conversation Friday to closely work together to the fight off the global financial crisis, the White House said. Obama also stressed the need to correct global trade imbalances and to take steps to get credit markets moving again, the White House said.
Obama for all nations to act in unison on global economic crisisJanuary 29th, 2009 WASHINGTON - US President Barack Obama wants advanced and emerging economies to act in unison in dealing with the global financial crisis and would come up with more specific plans closer to the April G20 meeting in London. 'The President talked about this when he was a mere senator and a candidate,' Obama spokesman Robert Gibbs told reporters Thursday when asked about the non inclusion of BRIC countries - Brazil, Russia, India, China - in the Financial Stability Forum.
Obama calls leaders of Russia, France, GermanyJanuary 26th, 2009 WASHINGTON - US President Barack Obama Monday telephoned French President Nicolas Sarkozy, German Chancellor Angela Merkel and Russian President Dmitry Medvedev to discuss the global economic crisis, the Middle East and improving bilateral relations. These were the latest in a long list of telephone calls to foreign leaders that Obama has made since his inauguration Jan 20.
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