Obama’s Finsec-style plan for banks

A proposed international tax on banks is top of the agenda at this weekend’s meeting of finance ministers and central bank governors from the G20 countries.

President Obama has had a serve at Wall St this week as part of his campaign to introduce greater regulation, and said “A free market was never meant to be a free license to take whatever you can get, however you can get it.”

Barack Obama reiterated his plan for the same type of financial reform Finsec has been promoting for New Zealand for the last eighteen months. His proposals include:

• Limiting the size of banks and their risky transactions

• Providing more transparency of financial transactions

• A dedicated consumer protection agency

Obama went on to say “Some — and let me be clear, not all — but some on Wall Street forgot that behind every dollar traded or leveraged there’s family looking to buy a house, or pay for an education, open a business, save for retirement. What happens on Wall Street has real consequences across the country, across our economy.”

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