Obama to unveil plans for financial sector overhaul

President Barack Obama will unveil on Wednesday his plans for reshaping US financial regulation, with proposals to close one bank regulator and create new overseers for big-picture economic risk and consumer financial product safety.

In a package of reforms that takes on many tough jobs while avoiding at least one, the administration will call for tighter oversight aimed at preventing a repeat of the severe banking and capital markets crisis that has shaken economies around the world.

Months of debate in the US Congress lie ahead. Committees of both the Senate and the House of Representatives have scheduled more than a dozen hearings on regulatory reform between now and mid-July. Conservative House Republicans have already offered their own rival plan.

Obama will present his proposals at 12:50 pm EDT on Wednesday, the White House said. Treasury secretary Timothy Geithner, members of Congress, regulators and representatives from the financial industry

To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com

McCain, Obama battle over economic prescriptions

Republican presidential nominee John McCain used his final debate with Democrat Barack Obama to attack his rival over taxes,spending and past associations, while Obama countered by stressing his approach to the economic and health- care issues that dominate voters'concerns.

McCain, 72, trailing in most polls, took the offensive almost from the first moments of the debate at Hofstra University in Hempstead, New York, last night.

He portrayed Obama as a tax and-spend Democrat whose policies would damage small businessmen -- including would be Ohio entrepreneur Joe Wurzelbacher. McCain repeatedly invoked him, calling him “Joe the plumber,'' triggering a debate within a debate over which candidate was on Joe's side.

To read the full article, click here..
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/10/17/index.shtml