President Obama urges financial regulators to speed up reforms

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 · Obama urges Wall Street co-operation. President Barack Obama on Monday sought to capitalise on the anniversary of the bankruptcy of Lehman Brothers to urge Wall Street to co-operate with Congress to enact the “most ambitious overhaul of the financial system since the Great Depression”. Mr Obama’s remarks,

On June 17 President Obama announced his plans to reform the regulation of the nation’s financial system. enclosed below are the unedited remarks he made at the press conference announcing his plans for reform.

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This paper attempts to present the need for financial reforms, the analysis of the new reforms. It discusses and analyzes the implications of financial reforms and how US President Obama and his administration going to implement the legislative reforms.

Obama urges senators to support financial reform. "I urge those in the Senate who support these reforms to remain strong, to resist the pressure from those who would preserve the status quo, to stand up for their constituents and our country," he said.

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Released on June 17, 2009, President Obama’s plan to reshape financial regulation seeks to give Washington the tools to police the shadow system of finance that has grown up outside the government.