~ re Obama: Biggest Overhaul Of Bank Sector Since Depression

After bankrupting millions of Americans, laying off millions during the last decades, it is really another financial drama which will not help much at this point since rebuilding Americans financial strength will take decades.

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Obama: Biggest Overhaul Of Bank Sector Since Depression
| 17 Jun 2009 | 01:04 PM ET

President Obama said Wednesday his administration was proposing the biggest overhaul of the financial regulatory system since the Great Depression but would maintain a careful balance between free markets and regulation.

The proposals will include closing one bank regulator and creating new overseers for big-picture economic risk and consumer financial product safety, according to a document detailing the administration's proposal.

In a package of reforms that takes on many tough jobs while avoiding at least one, the administration proposes putting the Federal Reserve in charge of monitoring the largest financial firms in the hope that holding one agency accountable will prevent a repeat of the severe banking and capital markets crisis that has shaken economies around the world.

"We must act now to restore confidence in the integrity of our financial system," the administration said in the 85-page document.

"The lasting economic damage to ordinary families and businesses is a constant reminder of the urgent need to act to reform our financial regulatory system and put our economy on a track to a sustainable recovery."