Due to the recent financial crises affecting America, President Obama’s White House has proposed changes affecting all of the U.S. banking and market operations. Maura Lockwood, of Cabot Headline News, writes this in “U.S. Administration Proposes Historic Financial Overhaul.” The goal appears to be lessening the large rises and steep falls of the markets which thus far has been unattainable in U.S. financial history. The White House believes that stronger federal rules are necessary.
The focal point would be a new government agency with authority over annuities, mortgages, savings accounts and credit cards. Other highlights include some shareholder control over executive earnings, firms being forced to hold a portion of the loans they sell, and federal regulation of hedge funds. There is expected to be strong opposition from both Democrats and Republicans so stay tuned for updates.
