Obama pushes for financial regulatory reform

US President Barack Obama said broad financial regulatory reform was needed to curb the risky practices that pushed the United States into its worst recession in decades. Obama called on the bankers at Cooper Union college in New York City to address some of the underlying problems that led to the current turmoil and devastation in the first place. He also urged to back his offer over assuming strict control on financial organizations, foreign media reported.

Obama said, only “with reform can we avoid a similar outcome in the future. A vote for reform is a vote to put a stop to taxpayer-funded bailouts.”