Dutch Finance Minister Wouter Bos has publicly backed US President Barack Obama's plan to reform the banking system. He is the first European finance minister to publicly back President Obama's reforms.
In a letter to his US counterpart Timothy Geithner, Minister Bos said, "I wholeheartedly approve of the White House reform plans.
Wouter Bos also believes that banks should not be allowed to take huge risks with depositors' savings. He has repeatedly called for the regulation of the activities of financial institutions. Mr Bos says banks should be split into "risky" and "fiscally conservative" institutions.
President Obama says the reforms, which also limit banks' size, will prevent another global financial meltdown and the taxpayer will not be forced to foot the bill if large banks fail. The Dutch finance minister hopes that Mr Obama's proposals will lead to a similar discussion in Europe and also hopes to get the issue on the G20 agenda.
Fhotograph: US President Barack Obama with Treasury secretary Timothy Geithner; Downing Street/Flickr
© Radio Netherlands World 2010
Downing Street/ Flickr
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President Obama says the reforms, which also limit banks' size, will prevent another global financial meltdown and the taxpayer will not be forced to foot the bill if large banks fail. Michel lawyers Boston MA
I too think it is a good plan. Lets hope others in the G20 agree.
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