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

Obama: Alaskans Feel Signs of Climate Change

They're seeing bigger storm surges as sea ice melts, more wildfires, erosion of glaciers, shorelines More

Katrina Brought Enduring Changes to New Orleans

The city’s recovery is the result of the people and culture the city is famous for, as well as newcomers and start-up industries More

Magical Photo Slides Show Native Americans in Late 1800s

Walter McClintock spent 20 years photographing the Blackfoot Indians and their vanishing culture at the dawn of the modern age 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.
Colombians Flee Venezuela as Border Crisis Escalatesi
X
August 27, 2015 2:08 AM
Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Colombians Flee Venezuela as Border Crisis Escalates

Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Is China's Economic Data Accurate?

Some investors say China's wild stock market gyrations have been made worse by worries about the reliability of that nation's economic data. And some critics say the reports can mislead investors by painting an unrealistically-strong picture of the economy. A key China scholar says Beijing is not fudging ((manipulating)) the numbers, but that the economy is evolving quickly from smoke-stack industries to services, and the ways of tracking new economic activity are falling behind the change. V
Video

Video Next to Iran, Climate at Forefront of Obama Agenda

President Barack Obama this week announced new initiatives aimed at making it easier for Americans to access renewable energy sources such as solar and wind. Obama is not slowing down when it comes to pushing through climate change measures, an issue he says is the greatest threat to the country’s national security. VOA correspondent Aru Pande has more from the White House.
Video

Video Shipping Containers Provide Experimental Housing

Housing prices around the San Francisco Bay area are out of reach for many people, so some young entrepreneurs, artists and tech industry workers are creating their own houses using converted shipping containers. But as VOA's Mike O’Sullivan reports from Oakland, the effort requires ingenuity and dealing with restrictive local laws.
Video

Video Arctic Draws International Competition for Oil

A new geopolitical “Great Game” is underway in earth’s northernmost region, the Arctic, where Russia has claimed a large area for resource development and President Barack Obama recently approved Shell Oil Company’s test-drilling project in an area under U.S. control. Greg Flakus reports.
Video

Video Philippine Maritime Police: Chinese Fishermen a Threat to Country’s Security

China and the Philippines both claim maritime rights in the South China Sea.  That includes the right to fish in those waters. Jason Strother reports on how the Philippines is catching Chinese nationals it says are illegal poachers. He has the story from Palawan province.
Video

Video Technique May Eliminate Drill-and-Fill Dental Care

Many people dread visiting dentists because they're afraid of drills. Now, however, a technology developed by a British firm promises to eliminate the need for mechanical cleaning of dental cavities by speeding a natural process of tooth repair. VOA’s George Putic reports.
Video

Video China's Spratly Island Building Said to Light Up the Night 'Like A City'

Southeast Asian countries claim China has illegally seized territory in the Spratly islands. It is especially a concern for a Philippine mayor who says Beijing is occupying parts of his municipality. Jason Strother reports from the capital of Palawan province, Puerto Princesa.
Video

Video Ages-old Ice Reveals Secrets of Climate Change

Ice caps don't just exist at the world's poles. There are also tropical ice caps, and the largest sits atop the Peruvian Andes - but it is melting, quickly, and may be gone within the next 20 years. George Putic reports scientists are now rushing to take samples to get at the valuable information about climate change locked in the ice.
Video

Video French Experiment in Integrating Roma Under Threat

Plans to destroy France’s oldest slum have sparked an outcry on the part of its Roma residents. As Lisa Bryant reports from the Paris suburb of La Courneuve, rights groups argue the community is a fledgling experiment on integrating Roma who are often outcasts in many parts of Europe.
Video

Video Kenyans Turn to Agriculture for Business

Each year Kenyan universities continue to churn out graduates for the job market despite the already existing high rate of unemployment among youth in the country. Some of these young men and women have realized that agriculture can be as rewarding as any other business or job, and they are resorting to agribusiness in large numbers as a way of tackling unemployment. Rael Ombuor reports for VOA.
Video

Video First Women Graduate Elite Army Ranger School

Two women are making history for the U.S. Army by proving they are among the toughest of the tough. VOA's Carla Babb reports from Fort Benning, Georgia as 94 men and those two women rise as graduates of the difficult Ranger school.

VOA Blogs