Obama vows to unveil strong financial regulations

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Source: CCTV.com | 12-08-2008 14:50

US President-elect Barack Obama has vowed to unveil strong financial regulations when his administration officially begins work early next year.

Obama made the comment in a taped interview on a NBC program, where the president-elect also touched upon the struggling US auto industry.

President-elect Barack Obama listens to a reporter's question during a news conference in Chicago, Sunday, Dec. 7, 2008. (AP Photo/Charles Dharapak)

Obama also had stern words for auto-industry executives. He said if the management team currently in place is not willing to adapt to new circumstances, then they should go.

American job losses hit a 34-year high last month, with recession deepening.

Right at the center of the economic recovery package that the Obama administration will roll out next year is a strong set of financial regulations.

Barack Obama, US President-elect, said, "... banks, ratings agencies, mortgage brokers, a whole bunch of folks start having to be more accountable and behave much more responsibly. "

Obama stresses that the new regulation system will make financial markets more transparent, open and fair.

When it comes to the struggling US auto sector, Obama's view is clear a collapse of the industry is unacceptable. Particularly at a time of economic turmoil and job losses across the country.

Barack Obama, US President-elect, said, "The auto industry is the backbone of American manufacturing, it is a huge employer across many states, millions of people directly or indirectly are reliant on that industry."

Obama says a bailout for the auto industry is necessary but it will come with conditions.

Barack Obama, US President-elect, said, "They are going to have to restructure and all of their stakeholders are going to have to restructure."

US auto-makers, GM, Chrysler and Ford are reeling from a plunge in sales they blame largely on the credit crunch and recession. Last week, they sought 34 billion US dollars from Congress to avert their potential collapse.

Congressional leaders and the incumbent Bush administration are now working together to try to reach agreement on a rescue package. But the 15 billion US dollars amount... is for less than half of what the auto-makers originally asked for.

Editor:Zhang Pengfei