February 26, 2009

US President Barack Obama said Wednesday 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 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.