The regulations, announced yesterday by President Obama, will restrict American banks from using customers' money to fund risky investments, and would also curb the danger of a small number of financial houses dominating the market. Poul Nyrup Rasmussen hailed the measures as; "a genuine victory for those suffering most: those looking for work; those whose pensions have been cut; and taxpayers who deserve accountability". He added that; "these financial regulations by the Obama Administration are a step in the right direction - a step that we hope will be matched by constructive proposals from the European Union".
President Obama explained his regulation in plain words: "For, while the financial system is far stronger today than it was one year ago, it's still operating under the same rules that led to its near-collapse". The US plan echoes some of the core recommendations of the PES in its Call to Action: Regulate Global Finance Now!
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