Obama: U.S. must learn lessons of financial crisis

WASHINGTON, April 22 (BestGrowthStock) – President Barack Obama
will warn on Thursday that the United States will be doomed to
another financial catastrophe if Wall Street and Washington do
not learn the lessons of the recent crisis.

Seeking to lend momentum to Democratic legislation that
would bring sweeping changes to the financial regulatory
system, Obama will tell Congress and the financial industry not
to allow the chance for reform to slip away, according to
excerpts from the speech he will deliver in New York.

“It is essential that we learn the lessons of this crisis,
so we don’t doom ourselves to repeat it,” Obama says in the
excerpts released by the White House. “And make no mistake,
that is exactly what will happen if we allow this moment to
pass — an outcome that is unacceptable to me and to the
American people,” he says.

Obama will list what he sees as five essential elements to
a financial regulatory package.

Those include: a system for winding down large firms whose
failure could disrupt markets, the so-called “Volcker rule”
banning banks from engaging in proprietary trading,
transparency for derivatives, strong consumer protections and a
provision giving shareholders more say on executive pay.
Investment Basics

(Editing by Mohammad Zargham)

Obama: U.S. must learn lessons of financial crisis