March 25, 2009 / 12:44 AM / 10 years ago

Obama sees support for financial wind-down powers

WASHINGTON (Reuters) - President Barack Obama said on Tuesday that he believes there will be broad support among the public and Congress for his proposal to give the U.S. Treasury the authority to wind down large failing financial firms, such as American International Group.

“We should have obtained it much earlier so that any institution that poses a systemic risk that can bring down the financial system, we can handle and we can do it in an orderly fashion, that quarantines it from other institutions,” Obama said during a televised news conference.

“We don’t have that power right now, that’s what (Treasury) Secretary (Timothy) Geithner is talking about and I think there’s going to be strong support from the American people and Congress to provide that authority,” he said.

Reporting by David Lawder

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below