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Obama proposes to beef up efforts on financial market regulation
Source: Xinhua |
January 25, 2012, Wednesday
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Online Edition
Online Edition
US President Barack Obama proposed in his State of the Union address last night to establish a Financial Crimes Unit to crack down on large-scale fraud and protect people's investments.
"I will not go back to the days when Wall Street was allowed to play by its own set of rules," Obama said in his speech.
"Some financial firms violate major anti-fraud laws because there's no real penalty for being a repeat offender. So pass legislation that makes the penalties for fraud count," he noted.
Obama said he would ask the Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis.
"This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans," Obama showed his firm stance against reckless risk-taking.
"A return to the American values of fair play and shared responsibility will help us protect our people and our economy," he stressed.
"I will not go back to the days when Wall Street was allowed to play by its own set of rules," Obama said in his speech.
"Some financial firms violate major anti-fraud laws because there's no real penalty for being a repeat offender. So pass legislation that makes the penalties for fraud count," he noted.
Obama said he would ask the Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis.
"This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans," Obama showed his firm stance against reckless risk-taking.
"A return to the American values of fair play and shared responsibility will help us protect our people and our economy," he stressed.
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