United States President Barack Obama has called for an 'ambitious" overhaul of the financial sector by the end of the year. In a speech given a year after the collapse of the Lehman Brothers bank, the US president said that some bankers had not learned the lessons of the financial crisis, and are choosing to ignore them "not just at their own peril, but at our nation's".

President Obama wants to give the Federal Reserve the right to seize banks whose collapse could threaten the economy. He also wants to establish a Consumer Financial Protection Agency which would oversee products such as mortgages and credit cards. The Federal Trade Commission would receive additional powers to protect consumers.

In Great Britain, Prime Minister Gordon Brown has said that he is appalled that many firms are continuing to give bonuses. He said that at a meeting in the US city of Pittsburgh next week world leaders would "complete unfinished business", such as establishing rules on bonuses.
 

Obama gives speech at Wall Street
Photo by ANP