President Obama is expected to call on Wall Street to join him in his efforts to reform the financial sector in a visit to Manhattan Thursday.The address at Cooper Union For The Advancement Of Science & Art will take place just blocks from the heart of Wall Street.
Likely provisions of any reform legislation would include making banks and financial firms strengthen their capital cushions, as well as creating a new process for taking down giant failing companies and preventing future Wall Street bailouts.
Other topics for reform would include creating a new consumer financial protection regulator and keeping an eye on the kind of complex financial dealings that led to the crisis.
Federal Reserve chairman Ben Bernanke weighed in on one of those issues last week.
During a congressional hearing, when asked whether a consumer financial regulator should be able to act independently of existing regulators, Bernanke said that unchecked independence could adversely impact credit availability for consumers.
Once back in Washington, the president is expected to ask congressional leaders for bipartisan support on a reform bill.
On Wednesday, the Senate Agriculture Committee voted 13-8 in favor of a bill, which would impose regulations on the complex system of Wall Street trades known as derivatives.
Watch how derivatives work
Senate leaders now will look at merging the measure with a financial regulations reform bill already passed by the Senate Banking Committee that is headed for debate by the full chamber.
The House passed a regulatory overhaul in December.
The White House has started some preliminary discussions on Capitol Hill, with Obama meeting with congressional leaders last week in the administration's push for regulatory overhaul.
"All of us recognize that we cannot have a circumstance in which a meltdown in the financial sector once again puts the entire economy in peril," Obama said. "I'm absolutely confident that we can work out an effective bipartisan package that assures that we never have too big to fail again."
Once back in Washington, the president is expected to ask congressional leaders for bipartisan support on a reform bill.
On Wednesday, the Senate Agriculture Committee voted 13-8 in favor of a bill, which would impose regulations on the complex system of Wall Street trades known as derivatives.
Watch how derivatives work
Senate leaders now will look at merging the measure with a financial regulations reform bill already passed by the Senate Banking Committee that is headed for debate by the full chamber.
The House passed a regulatory overhaul in December.
The White House has started some preliminary discussions on Capitol Hill, with Obama meeting with congressional leaders last week in the administration's push for regulatory overhaul.
"All of us recognize that we cannot have a circumstance in which a meltdown in the financial sector once again puts the entire economy in peril," Obama said. "I'm absolutely confident that we can work out an effective bipartisan package that assures that we never have too big to fail again."
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