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President Barack Obama Wednesday will announce reforms to the way the U.S. financial industry is regulated, giving the Federal Reserve broader powers to prevent a repeat of the turmoil on Wall Street that helped spark an economic meltdown.
“The president will deliver remarks on the economy and discuss his comprehensive plan for new rules of the road for the financial industry,” said the White House official, speaking on condition of anonymity.
The plan will offer a stronger framework for consumer and investor protection, Treasury Secretary Timothy Geithner and National Economic Council Chairman Lawrence Summers said in a newspaper commentary Monday.
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Proposals included raising capital and liquidity requirements for institutions and giving the Federal Reserve a bigger mandate to supervise the financial system, they said.
The landmark reform plan will target capital requirements, securitization and other problem areas blamed for the global financial crisis.
In the most complete summary of the plan seen in some time, Geithner and Summers said the plan would offer “a stronger framework for consumer and investor protection.”
