US President-elect Barack Obama said he would put strong new financial regulation at the centre of his economic recovery programme to force more accountability on the banking industry.
Mr Obama again warned that the US economic crisis, which saw the country lose more than half a million jobs in November alone, would worsen before it gets better.
‘As part of our economic recovery package what you will see coming out of my administration, right at the centre, is a strong set of financial regulations,' Mr Obama said
‘Banks, ratings agencies, mortgage brokers, a whole bunch of folks (will) start having to be much more accountable and behave much more responsibly,’ he added.
Mr Obama, who takes office on 20 January, began outlining his economic recovery plan yesterday, saying he aims to create at least 2.5 million new jobs by 2011 and launch the largest US infrastructure investment since the 1950s.
He said that he supported efforts to help the struggling US auto industry - the target of a $17 billion (€13.4bn) emergency bailout proposal now making the rounds in Congress.
But he said federal help would hinge on the Big Three of General Motors Corp, Chrysler LLC and Ford Motor Co coming up with a sustainable business plan.
