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.