Video: Obama urges finance reforms

Overhaul of regulators is needed to boost consumer confidence, US president says.

The US president has said that his country’s economy is back from the brink, even as he called for more reform of the financial sector.

Barack Obama’s comments come a year after the collapse of Lehman Brothers,  the bankruptcy triggering a global economic crisis.

Fearing a complete financial meltdown, Washington stepped in with hundreds of billions in US taxpayer dollars to cover losses and keep the banks afloat.

Governments across the world followed suit, spending a fortune in public money to prop up their financial sectors.

The banks promised to clean up their act, but Obama has criticised them for failing to act on their words. Al Jazeera’s Nick Spicer reports.

Source : Al Jazeera

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