Asia-Pacific
AP source: Obama wants greater banking limits
(Agencies)
Updated: 2010-01-21 13:33
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WASHINGTON: A senior administration official says President Barack Obama plans to call for giving the government new powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk trades.
The president is expected to make the announcement Thursday after meeting with former Federal Reserve Chairman Paul Volcker, according to the official, who spoke late Wednesday only on the condition of anonymity ahead of the announcement.
The restrictions expand on previous administration positions and strengthen measures already approved by the House of Representatives. The Senate is writing new banking regulations.
Obama's goal is to limit the financial sector to smaller, less interconnected firms.
