September 14th, 2009
12:42 PM ET
10 years ago

Obama calls for tighter global financial coordination

Obama calls for tighter global financial coordination.

Obama calls for tighter global financial coordination.

NEW YORK (CNN) - President Barack Obama called Monday for closer international cooperation both to contain the current financial crisis and prevent it from repeating in the future.

"We need to close the (regulatory) gaps that exist not just within this country but among countries," he told an audience of key financial and
political leaders at New York City's famed Federal Hall on Wall Street.

"We know that abuses in financial markets anywhere can have an impact everywhere. ... Just as gaps in domestic regulation lead to a race to the bottom, so too do gaps in regulation around the world. Instead, we need a global race to the top, including stronger capital standards."

Obama noted that he will push for new measures at next week's Group of 20 economic meeting in Pittsburgh, Pennsylvania.

Filed under: Economy • President Obama
soundoff (58 Responses)
  1. mjm

    Someone needs to tell Obama that it was Freddie and Fannie and the Democrats that almost brought the world market down.

    Unless you think it was the republicans who wanted to give mortgages to people who couldn't afford them.

    I'm pretty sure it was Franks and Dodd running that show. Which one wanted to roll the dice again?

    Do they have ACORN overseas? How 'bout the Community Reinvestment Act?
    Liberal policies are to blame, not Capitalism

    September 14, 2009 02:24 pm at 2:24 pm |
  2. AntiRush

    And now the Republican response:

    ACORN, Czar, Socialist, Birther, Tax Breaks, Anti-American

    September 14, 2009 02:24 pm at 2:24 pm |
  3. Angie in Pa

    You Mean we have Grown Ups now in Charge someone will be watching the Store instead of it letting it run wild like Bush and The Republicans let Wall ST Rip us off

    September 14, 2009 02:26 pm at 2:26 pm |
  4. gg

    I agree 100% to prevent another G. W. Bush from economic meltdown in future.

    September 14, 2009 02:31 pm at 2:31 pm |
  5. Hugo

    Do I smell the makings of a One World Government and One World Currency in the makings? I recall reading something about that in the Bible, now what was it that it said? Dear Randolph, do you think that over regulation by the Government may have gotten us into this mess?
    Do you think that the failure of Government to do the job they were elected to do is what got us into this mess? Do you think that the Government mandating home loans for people that did not qualify got us into this mess? If you do not like Capitalism and Freedom, please feel free to move out of the United States of America!

    September 14, 2009 02:31 pm at 2:31 pm |
  6. The fractional slave

    Sounds good, let's start leading by example and audit the federal reserve.

    September 14, 2009 02:39 pm at 2:39 pm |
  7. Dominican mama 4 Obama

    We caused our own downfall through our second motto: Me. Me. Me now! There is no doubt whatsoever that other economies toppled as a consequence. So yes, I find it reasonable, and responsible to seek tighter global financial coordination.

    September 14, 2009 02:52 pm at 2:52 pm |
  8. Jane

    Watch out folks. This might be the paver to the way of a "World Bank". Forget our country as you know it..... it will be a sad day in America when our Constitution is no longer the law of our land!!!!!

    September 14, 2009 02:53 pm at 2:53 pm |
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