Obama seeks bigger banking restrictions

January 21, 2010 9:09:20 AM PST
President Barack Obama is calling for tougher regulations on banks that would limit the size and complexity of large financial institutions. The proposal would limit banks' ability to engage in high-risk trades. Restrictions would be placed on proprietary trading by commercial banks to separate those institutions from investment banks.

Obama said Thursday that without these regulations, the financial system will continue to operate under the same rules that led to its near collapse.

The announcement comes as Obama renews his calls for financial regulatory reform, which is being negotiated on Capitol Hill.


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