January 21, 2010 / 6:52 PM / 10 years ago

W.House: Bank proposals not meant to be punitive

WASHINGTON, Jan 21 (Reuters) - The White House said on Thursday that President Barack Obama’s proposed limits on bank risk-taking were not designed to be punitive but to ensure trust in the financial system.

White House economic adviser Austan Goolsbee, speaking after Obama’s announcement, said the measures were meant to get banks back to their core function of serving clients rather than taking excess risk.

He said the proposals were aimed at ending the concept that some financial companies are “too big to fail” and to show that when such firms “mess up, they die.” (Reporting by Matt Spetalnick)

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