Obama: Bank system still in need of reforms

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Associated Press

Posted on July 3, 2014 at 5:01 AM

Updated Thursday, Jul 3 at 5:02 AM

WASHINGTON (AP) — President Barack Obama says that nearly four years after Congress toughened bank regulations the financial sector is still in need of more rules. He says bank customers need to be better protected against failed risk-taking.

Obama says the changes he pushed for and signed into law in 2010 protect taxpayers from having to bail out failed banks. But he says bank traders can still make huge bonuses on high risk trades. If the bets go bad, he says, quote "everybody else is left holding the bag."

Obama made his remarks in an interview with NPR's "Marketplace" program airing Thursday.

He does not specify what changes he would recommend. Recently he has met with groups of economists to gain ideas for the remaining 30 months of his presidency.

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