June 18th, 2010
08:04 AM ET
4 years ago

Obama to G-20: Keep the recovery going

In a letter to leaders of the G-20 Nations ahead of their June 26 summit in Toronto, President Obama has called for greater market transparency and oversight to help propel the global economic recovery.
In a letter to leaders of the G-20 Nations ahead of their June 26 summit in Toronto, President Obama has called for greater market transparency and oversight to help propel the global economic recovery.

New York (CNNMoney.com) - President Obama has called for greater market transparency and oversight to help propel the global economic recovery in a letter to leaders of the Group of 20 Nations ahead of their June 26 summit in Toronto.

"Our highest priority in Toronto must be to safeguard and strengthen the recovery," wrote Obama, in his G-20 letter released by the White House on Friday. "We worked exceptionally hard to restore growth; we cannot let it falter or lose strength now. This means that we should reaffirm our unity of purpose to provide the policy support necessary to keep economic growth strong.

Obama provided a list of suggested policy changes, including the implementation of more stringent capital and liquidity requirements as well as stronger oversight of derivatives markets and "more transparency and disclosure to promote market integrity and reduce market manipulation."

In addition, the president said the G-20 needs a "more effective framework for winding down large global firms."

The president pointed out that both houses of U.S. Congress have passed financial reform legislation. They are currently working on reconciling the bills in a move toward final approval.

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Filed under: CNNMoney.com • G-20 • President Obama
soundoff (11 Responses)
  1. Dave

    Obama wants "greater market transparency and oversight"

    So to translate: Obama wants more control and power: SHOCKER!!!!!!!!!!

    The old democrats answer to everything: Tax it!
    The new democrats answer to everything: Tax it, regulate it MORE, and get control!

    June 18, 2010 08:51 am at 8:51 am |
  2. t22

    I'm at a loss as to how more stringent monetary policies will create business growth. Does he understand anything at all about business?

    June 18, 2010 08:56 am at 8:56 am |
  3. Henry Miller, Libertarian

    Keep the recovery going? You mean it started and I just didn't notice? Unemployment has gone down? Economic growth isn't still hovering around zero?

    And "...more effective framework for winding down large global firms?" That sounds an awful lot like attempts to drive "large global firms," the ones that employ, in toto, hundreds of thousands of people and contribute enormously to the global economy, out of business. This is a way to "safeguard and strengthen the recovery?"

    And "more transparency and disclosure to promote market integrity and reduce market manipulation?" This said while the US Congress is doing its best to gut bills that promote the transparency, and reduce the ability to manipulate markets, of one of the least transparent and most manipulative organisations on the planet, the US Federal Reserve? What Obama means, of course, is that he adamantly opposes in the private sector the exact same behaviour he's all in favour of in government–like we out here in the real world care which of those two is doing the lying and manipulating.

    June 18, 2010 09:02 am at 9:02 am |
  4. Steve in North Carolina

    We are never going to recover while this clown is doling out federal money like it was water.

    June 18, 2010 09:22 am at 9:22 am |
  5. NVa Native

    Its good to have an intelligent and effective President who will address his and our international responsiblities and obligations.

    June 18, 2010 09:34 am at 9:34 am |
  6. anonymous

    "We worked exceptionally hard to restore growth; we cannot let it falter or lose strength now" – it looks like Harper fails to get the message...
    I would like to know what Obama thinks of Stephen Harper's reckless spending for these G8 and G20 summits.
    And if he would like to help us vote for a new Prime Minister :)

    June 18, 2010 09:34 am at 9:34 am |
  7. Where

    What recovery? Only recovery I've seen is the uaw, teachers and other buddy bailouts at the taxpayers expense. Again, what recovery? There has to be something going on to start with to keep it going.

    June 18, 2010 09:46 am at 9:46 am |
  8. snow

    Here nobummer goes again. He always talks transparency but he always does things behind closed doors. I guess he cannot get anything done without bribing members of his own party.

    June 18, 2010 09:55 am at 9:55 am |
  9. Dave

    Obama still call for transparency and all the other nice words his administration does not follow. What a fake times we live in!

    June 18, 2010 09:55 am at 9:55 am |
  10. Dean

    "Keep the recovery going".....What recovery? Are we going to keep hiring census workers every month because that is the only growth there has been. The government even got rid of 21,000 jobs in May.
    Obama needs to pull his head out and look around for once.

    June 18, 2010 10:20 am at 10:20 am |
  11. Capt. Snarky

    Translated as : Hey, lets keep this going, so I can nationalize more industry, and bilk the Main Streeters out of their life savings, all so I can fatten the .GOV calf and my union hentchmen.................

    June 18, 2010 10:42 am at 10:42 am |