Obama calls for new 'rules of the road' for finance industry
US President Barack Obama has said his administration would lay down "clear rules of the road" for the crippled financial industry with a new 21st century regulatory framework.
"We can no longer sustain 21st century markets with 20th century regulations," Obama yesterday said after meeting his top financial advisors and senior lawmakers at the White House.
"Strong financial markets require clear rules of the road, not to hinder financial institutions but to protect consumers and investors and ultimately to keep those financial institutions strong," the president said.
"Not to stifle, but to advance competition, growth and prosperity."
The president blamed lax or poorly enforced regulation for allowing Wall Street to package mortgages into complicated financial instruments and in a perfect financial storm which helped cause the financial meltdown.
"This financial crisis was not inevitable," he said.
"It happened when Wall Street wrongly presumed markets would continuously rise and traded in complex financial products without fully evaluating their risks.
"Here in Washington, our regulations lagged behind changes in our markets, and too often regulators failed to use the authority that they had to protect consumers, markets and the economy.
British Prime Minister Boris Johnson on Thursday quit as Tory party leader and said he will step down from the top role after a new leader is put in place. The development comes following the resignation of nearly 50 lawmakers in his government. Addressing the media and the public, Johnson said, “It is clearly [the] will of [the] Conservative Party that there should be [a] new leader.”
The resignation of Prime Minister Boris Johnson deepens the uncertainty hanging over Britain's economy, already under strain from an inflation rate heading for double digits, the risk of a recession and Brexit. Theresa May needed less than three weeks to win after David Cameron quit in 2016 as other contenders dropped out. But it took Johnson two months to become the new leader after May announced her intention to resign in 2019.
British Prime Minister Boris Johnson finally succumbed to political reality Thursday and resigned after the latest ethics scandal around his leadership led some 50 senior lawmakers to quit the government. He said he will continue in office until a new Conservative leader is in place. "It is clearly the will of the parliamentary Conservative party that there should be a new leader of that party, and therefore a new prime minister," Johnson said.
Boris Johnson's expected departure Thursday -- after a tidal wave of resignations from his top team -- comes just three years after he took over from Theresa May in an internal Conservative leadership contest. Johnson's former Daily Telegraph colleague, Sonia Purnell, suggested that Rishi Sunak and Sajid Javid may have realised what she and others have before them. His privileged cohort in the backstabbing den of student politics provided many leading Brexiteers.
Boris Johnson will announce his resignation as British Prime Minister on Thursday, a government source said, after he was abandoned by ministers and his Conservative Party's lawmakers who said he was no longer fit to govern. In February, Johnson appointed Pincher deputy chief whip, giving him responsibility for the wellbeing of other Conservative lawmakers. Johnson's office initially said the prime minister had been unaware of specific past allegations against Pincher.