RBI chief launches financial literacy drive in rural BangaloreSeptember 22nd, 2009 BANGALORE - Reserve Bank of India (RBI) Governor D. Subbarao Tuesday initiated a financial literacy programme in a hamlet, 60 km from India's tech hub, with a goal of achieving 100 percent financial inclusion in the country at the earliest.
On Wall Street, Obama says some firms not learning lessons of Lehman and the financial crisisSeptember 14th, 2009 Obama: Some Wall St. firms ignoring Lehman lessonsNEW YORK — President Barack Obama says some Wall Street firms are ignoring the lessons of the Lehman Brothers collapse.
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.
EU's financial package aimed to help Bosnia mitigate the impacts of economic crisisAugust 11th, 2009 EU approves euro39 mln financial package for BosniaSARAJEVO, Bosnia-Herzegovina — The EU says it has approved a euro39 million ($55.39 million) financial aid package for Bosnia to help it deal with the effects of the financial and economic crisis. A statement from the European Commission said Tuesday the grant is part of a pre-accession assistance package and will support the development of small and medium sized enterprises and provide investment in infrastructure in the transport, environment, and energy sectors.
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.
Defending his proposed financial overhaul, Obama warns he's ready for the fightJune 20th, 2009 Obama: New consumer protections 'essential'WASHINGTON — President Barack Obama is warning critics of his vast financial overhaul plan that he has no patience for debate from hard-line defenders of a system that has exploited bewildered consumers. Pushing for a law this year, Obama said: "While I'm not spoiling for a fight, I'm ready for one."
Obama used his weekly radio and Internet address on Saturday to defend a proposal, unveiled last week, that would impose and enforce new rules for the nation's embattled financial system.
Obama cites 'culture of irresponsibility' underlying deep recession plaguing the countryJune 17th, 2009 Obama cites decades of mistakes behind recessionWASHINGTON — President Barack Obama is offering a broad-scale overhaul of the financial system, saying hard times struck largely because a post-Depression era business regulatory scheme couldn't keep up with an increasingly global economy. In remarks readied for the unveiling of new rules to govern business, Obama attributed much of the country's current problem to "a cascade of mistakes and missed opportunities" which happened over several decades.
Obama sends Congress sweeping update of nation's financial regulationsJune 17th, 2009 Obama: New rules will keep 'worst traits in check'WASHINGTON — President Barack Obama proposed new "rules of the road" for the nation's financial system Wednesday, casting the changes as an essential response to the economic crisis and the greatest regulatory transformation since the Great Depression. Obama blamed the crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, and he said regulations crafted to deal with the depression of the 1930s were "overwhelmed by the speed, scope and sophistication of a 21st century global economy."
The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against credit and other abuses that played a big role in the current crisis.
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.
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.
Premier League to address British government concerns by enforcing new financial rulesMay 12th, 2009 Premier League to enforce new financial rulesLONDON — England's Premier League will address British government concerns over the finances and ownership of top clubs by enforcing new rules, including a more stringent examination of those running teams. Premier League clubs have agreed in principle to the rules proposed by chief executive Richard Scudamore, which include publishing the identity of all shareholders with more than a 10 percent stake in a club and a ban on anyone becoming a director or owning a controlling stake if they have been sentenced to more than a year in jail.
AP Sources: White House tells industry it's leaning toward Fed becoming financial supercopMay 9th, 2009 AP Sources: Obama wants Fed to be finance supercopWASHINGTON — The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House. The Obama administration told industry officials on Friday that it was leaning toward making such a recommendation, according to officials who attended a private one-hour meeting between President Barack Obama's economic advisers and representatives from about a dozen banks, hedge funds and other financial groups.
Obama outlines new US strategy for Afghanistan, PakistanMarch 27th, 2009 WASHINGTON - US President Barack Obama outlined his administration's new strategy in Afghanistan Friday, saying a major goal will be to shut down the Al Qaeda terrorist network in Afghanistan and Pakistan through a bolstered troop presence. 'We have a clear and focused goal: to disrupt, dismantle and defeat Al Qaeda in Pakistan and Afghanistan, and to prevent their return to either country in the future,' Obama said.
Obama warns of Al-Qaeda's plans to attack US from PakistanMarch 27th, 2009 WASHINGTON - The U.S. President Barack Obama on Friday said Al-Qaeda is 'actively planning' attacks on US from safe havens in Pakistan.
Obama unveils plan to tackle mortgage crisisFebruary 17th, 2009 WASHINGTON - US President Barack Obama Wednesday unveiled a mortgage relief plan in an effort to prevent more Americans from losing their homes. The plan is expected to help between seven million and nine million American families to avoid foreclosure, said the president in an address in Mesa, Arizona.
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