Obama warns bankers

US President Barack Obama has warned bankers against complacency.



In a speech earlier today he called on Wall Street to support the most ambitious overhaul of the financial system since the Great Depression.



Under the proposed regulation, the White House would give the central bank, new powers over huge financial firms and the ability to seize banks whose collapse could threaten the economy.



Mr Obama also wants a new watchdog, the Consumer Financial Protection Agency, to oversee products such as mortgages, car loans and credit cards.



The Federal Trade Commission would also be given new powers to protect consumers.



The president also told Wall Street that it could not resume taking risks without regard for consequences and said it should not expect US taxpayers to bail them out again.