WASHINGTON: At least 150 US companies facing threat of bankruptcy as Obama administration has announced amendments in financial reforms to tackle the situation.
US President Barack Obama said in a speech that the United States was doomed to repeat its economic crisis if his financial reform bid failed, calling financial institutions to "join, not fight" the drive.
In his speech, Obama outlined the need to push forward the financial industry reform, explaining at a speech in New York that the nation will be at risk if the US keeps the current framework. He seeks to swiftly push regulatory reform into law.
"It is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it," Obama said.
Obama said he believed in the "power of the free market," but a free market was never meant to be a free license to take whatever you can get, however you can get it. And he urged Wall Street bosses to halt armies of lobbyists the White House says are being paid millions of dollars by the industry to hinder reform.
