Reuters – Obama’s wide-ranging economic address in New York will also discuss plans to unwind the government’s involvement in the financial sector and call upon Wall Street firms to take responsibility and avoid reckless behavior. He is to speak at 12:10 p.m. EDT.
Gaps in the regulation of U.S. banks and capital markets have been blamed for the subprime mortgage crisis and global financial chaos triggered after Lehman filed for bankruptcy on September 15, 2008.
Obama and other backers of a financial overhaul say new rules are crucial to heading off another catastrophe.
