Major US Bank Reform from Obama - Irish Implications?

[yehbut_nobut]

BBC News - Obama pushes new bank regulation

US President Barack Obama has proposed significant new curbs on the activities of banks to try to prevent future financial crises.

"Never again will the American taxpayer be held hostage by banks that are too big to fail," Mr Obama said.

The plans include limits to the size of banks and restrictions on the riskiest trading practices.

US stocks such as JPMorgan Chase and Bank of America - fell sharply as the sweeping new rules were announced.

I love the "taxpayers held hostage" bit. Sounds oh so familiar. But how will this effect us here?

His proposals also include a ban on retail banks from using their own money in investments - known as proprietary trading. Instead, banks would be limited to investing their customers' funds...


"Banking reforms do not come bigger than those proposed by President Obama," the BBC's business editor Robert Peston said.


This may mean that some of the US' biggest banks, such as Bank of America and JP Morgan, whose shares were badly hit, may have to be broken up.

[Cassandra Syndrome]

Funny it took him a year to announce this the day after he lost his majority. Ireland doesn't have a too big too fail. Too rotten with Neo Feudalist's creaming to fail and be exposed.

[yehbut_nobut]

Funny it took him a year to announce this the day after he lost his majority. Ireland doesn't have a too big too fail. Too rotten with Neo Feudalist's creaming to fail and be exposed.

Yeh, I did wonder about that. Surprised there's not more comment on it here...