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.”
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