News / USA

US Looks Global for Financial Reform

President Barack Obama will be calling on the global community to work together on financial reforms, saying that the global economic meltdown shows that the world economies are inextricably linked.  The president will showcase to G-20 leaders the tough proposed reforms in the United States that some in the U.S. Congress hope will soon become law.

Lawmakers from both chambers of Congress worked early into Friday in a marathon session to reconcile House and Senate versions of legislation on the toughest financial reform in the United States since the 1930s.

"I declare the bill passed and the conference committee is now adjourned," said Congressman Barney Frank.

The agreement came at dawn Friday, hours before Mr. Obama headed to Canada for the global economic talks.  

Senator Chris Dodd, a Connecticut Democrat who headed the Senate side of the talks, says the bill strengthens the hand of Mr. Obama at the G-20 summit.   

During the marathon talks, some lawmakers expressed concern about what action G-20 countries would take and whether those nations would adopt similar restrictions, so the U.S. would not be at a disadvantage on the world stage.  The vote early Friday was along party lines.

Representative Spencer Bachus, an Alabama Republican, called for such reforms from the U.S. global partners.

"When something is as important as the competitiveness of our U.S. companies on a global economy is at stake, we need more than vague promises and assurances that we're not acting alone," said Bachus.

Fellow Republican Representative Ed Royce of California, agreed. "This is a competitive issue for the United States.  If we're not going to have the G-20 go down this same road, we're going to lose jobs in the United States as a consequence," Royce said.

The bill puts in place the toughest-ever consumer financial protections and creates an independent agency to enforce them.  It also imposes higher capital requirements on banks, regulates the derivatives market, ends "too big to fail" bailouts and establishes an early warning system to predict and prevent the next financial crisis.

Peter Morici, an economist and professor at the University of Maryland, says President Obama will have to impress upon G-20 leaders that he is serious about enforcing the regulations and will have to make the case that the global community needs similar reform, if the U.S. legislation is to succeed.

"Most importantly, in order for it to work, other banks around the world will have to be held to the same standards," said Morici.  

Treasury Secretary Timothy Geithner says the legislation shows that the United States is ready to lead by example in the world stage and brings "crucial momentum for global financial reform."

Democrats want a final vote on the legislation next week, hoping for President Obama to sign the sweeping overhaul into law by July 4.

You May Like

Philippines, Muslim Rebels Try to Salvage Peace Pact

Peace process faces major setback after botched military operation to find terrorists results in bloody gunbattle between government forces, Moro Islamic Liberation Front fighters More

Republicans Expect Long, Expensive Presidential Battle

Political strategist says eventual winner will be one who can put together strongest coalition of various conservative groups that make up Republican Party More

Video New Wheelchair Is Easier to Use, Increases Mobility

Engineers have come up with a lever-operated design that makes use of easily accessible bicycle technology More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Liberia's Almost Last Ebola Patient Grateful but Still Grievingi
X
Benno Muchler
March 26, 2015 3:41 PM
Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Liberia's Almost Last Ebola Patient Grateful but Still Grieving

Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Cambodian Land Grabs Threaten Traditional Communities

Indigenous communities in Cambodia's Ratanakiri province say the government’s economic land concession policy is taking away their land and traditional way of life, making many fear that their identity will soon be lost. Local authorities, though, have denied this is the case. VOA's Say Mony went to investigate and filed this report, narrated by Colin Lovett.
Video

Video US, South Korea Conduct Joint Military Exercises

The Eighth U.S. Army Division and the Eighth Republic of Korea Mechanized Infantry Division put on a well orchestrated show of force for the media this week during their joint military training exercises in South Korea. VOA’s Seoul correspondent Brian Padden was there and reports the soldiers were well disciplined both in conducting a complex live fire exercise and in staying on message with the press.
Video

Video Space Program Status Disappoints 'Last Man on the Moon'

One of the films that drew big crowds last week at the annual South by Southwest festival in Austin, Texas, tells the story of the last human being to stand on the moon, U.S. astronaut Eugene Cernan. It has been 42 years since Cernan returned from the moon and he laments that no one else has gone there since. VOA’s Greg Flakus reports.
Video

Video Young Filmmakers Shine Spotlight on Giving Back

A group of student filmmakers from across the United States joined President Barack Obama at the White House this month for the second annual White House Student Film Festival. Fifteen short films were officially selected from more than 1,500 entries by students aged 6 through 18. The filmmakers and their families then joined the president and a group of celebrities for a screening of their films. VOA’s Julie Taboh reports.
Video

Video VOA Exclusive: Interview with Afghan President Ashraf Ghani

Afghan President Ashraf Ghani, during his first visit as president to Washington, gave a one-on-one interview with VOA Afghan Service reporter Said Suleiman Ashna, about his request for a change in U.S. troop levels, the threat from the Islamic State, and repairing relations with the United States and Pakistan. The interview was held at Blair House, late Sunday, in Pashto.
Video

Video California Science Center Tells Story of Dead Sea Scrolls

The ancient manuscripts were uncovered in the mid-20th century, and they are still yielding clues about life and religious beliefs in ancient Israel. As VOA's Mike O'Sullivan reports, an exhibit in Los Angeles shows how modern science is bringing the history of these ancient documents to life.
Video

Video Angelina Jolie Takes Another Bold Step

Hollywood actress and filmmaker Angelina Jolie has revealed she had her ovaries and fallopian tubes removed to lower her odds of getting cancer. Doctors say the huge publicity over her decision will help raise awareness about the importance of cancer screening. VOA’s George Putic has more

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More