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Obama urges quick action on Wall Street reform

President Barack Obama called on Wednesday for a sweeping overhaul of Wall Street regulations, saying big changes were needed to avoid a repeat of the financial meltdown.

Obama convened a high-level White House meeting on the issue that included Democratic and Republican lawmakers who said they would work with the administration to craft legislation in the next few weeks. Obama, a Democrat, said “painful experience” showed the rules needed to be modernized.

The economy cannot sustain “21st century markets with 20th century regulations,” Obama told reporters after the meeting with lawmakers.

This article was originally posted on Reuters. Click here to continue reading the complete article.

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