U.S. News

Obama to discuss unwinding of bank industry help

U.S. President Barack Obama points during a rally for his health insurance reform initiatives at the Target Center in Minneapolis, Minnesota, September 12, 2009. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - President Barack Obama will discuss the winding down of the government’s involvement in the financial sector in a wide-ranging speech on Monday in which he will try to reinvigorate stalled legislation on regulatory reform.

An administration official, who previewed the speech, said it would also include a call for global coordination to prevent future financial crises.

In the remarks scheduled for 12:10 p.m. EDT (1610 GMT), he will also urge Wall Street firms to take responsibility and avoid the kind of reckless behavior that led to the 2008-2009 financial chaos.

Obama’s remarks coincide with the anniversary of the collapse of Lehman Brothers that triggered the global contagion.

“President Obama will discuss the administration’s plan to wind down government involvement in the financial sector, lay out a strong case for immediate action on regulatory reform and reiterate the importance of global coordination in preventing future crises,” the official said.

Reporting by Caren Bohan, editing by Philip Barbara