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US banks get access to more cash Obama plans clear financial rules
(about 2 hours later)
America's biggest banks are getting access to more of the US government's $700bn (£492bn) financial rescue fund. US President Barack Obama has said his administration intends to lay down clear rules for the troubled financial industry in the years ahead.
Strong rules are needed - not to hinder financial institutions but to "protect consumers and investors", he said.
"We can no longer sustain ... 21st century markets with 20th century regulations," President Obama said.
His comments came after news that some US banks should be able to access more of the $700bn (£492bn) rescue fund.
The banks will qualify for the money if new stress tests conclude that they do not have enough capital.The banks will qualify for the money if new stress tests conclude that they do not have enough capital.
They would get the money by selling preference shares to the government, which could be converted into normal shares, the Treasury Department said.They would get the money by selling preference shares to the government, which could be converted into normal shares, the Treasury Department said.
The shares being convertible is a new factor that could leave the government owning big stakes in the banks.The shares being convertible is a new factor that could leave the government owning big stakes in the banks.
The stress tests will investigate whether the banks will survive a worse-than-expected recession, with unemployment rising over 10%.The stress tests will investigate whether the banks will survive a worse-than-expected recession, with unemployment rising over 10%.
They will be compulsory for banks with more than $100bn in assets.They will be compulsory for banks with more than $100bn in assets.
Overhaul
Overhauling financial market rules could help restore confidence in markets, badly battered by a string of crises, analysts say.
"Strong financial markets require clear rules of the road, not to hinder financial institutions, but to protect consumers and investors and ultimately to keep those financial institutions strong," President Obama said on Wednesday, after meeting with his financial advisers and senior members of Congress.
New York Senator Charles Schumer said the Treasury is working with legislators to revamp the rules.
Lawmakers hope to have a framework for such legislation in place by 2 April, when President Obama meets with other members of the G20, the group of 20 leading economies.