President Obama Sets Out Biggest Overhaul of Wall Street in Decades
THE TELEGRAPH: President Barack Obama has set out the biggest overhaul of the regulation of Wall Street in more than 50 years in an effort to prevent a repeat of the financial crisis.

President Barack Obama delivers remarks on the new comprehensive regulatory reform plan, Wednesday, June 17, 2009, in the East Room of the White House. Photo: The Telegraph
The central elements of the plan unveiled on Wednesday are:

• An extra layer of regulation for the biggest financial firms in America
• A new agency to scrutinise financial products sold to consumers
• Bringing hedge and private equity funds under federal scrutiny

At the White House, President Obama said that the financial crisis had been a "failure of the entire system." The President went on that "an absence of oversight engendered systematic, and systemic, abuse.”

The proposals, which have been put together by the Treasury, are likely to trigger a political fight in Congress. The financial crisis and the subsequent recession helped propel Obama into the White House and he has said that a 'sweeping overhaul' of the system is one of his top priorities. >>> By Telegraph staff | Wednesday, June 17, 2009