As a growing number of independent observers note, this institution is ultimately in the lending business, which is why useful reforms such as financial system transparency, the depoliticizing of banks, etc.
Since the G20 leaders first met in November, their deputies have laboured on reforms to the stricken global financial system, in particular through the Financial Stability Forum (FSF), a Basel-based group that met in London this week.
Despite the trillions of won that it has already injected into the financial system (and the 50 trillion won that it plans to spend to complete its financial reforms by February), the government has failed to clear up the problems created by the investment trusts.
As part of these efforts, today I'm proposing two additional reforms that I believe will strengthen the financial system while preventing future crises.
These Wall Street reforms will give shareholders new power in the financial system.
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Volcker countered that his proposal should be just part of a much larger set of reforms the Senate is considering to overhaul the financial system.
This new foundation is also based on reforms that will make our economy stronger and our businesses more competitive -- reforms that will make health care cheaper, our financial system more secure, and our government less burdened with debt.
And that's why even though there is some resistance on Wall Street from those who would prefer to keep things the way they are, we will pass the reforms necessary to protect consumers, investors, and the entire financial system.
Finally, these reforms hold Wall Street accountable by giving shareholders new power in the financial system.
Better banking supervision and risk management - all the reforms we talk about endlessly here in the UK to strengthen the financial system - will be one part of making the world a safer place, in rich countries and emerging ones like Brazil.
During that hearing, on April 3, Geithner provided lawmakers with a clear explanation of how the deal unfolded, a defense of the Fed's action and an outline of the reforms that the U.S. should undertake in drafting a new financial regulatory system.
Of course, the impact of the financial reforms will be weakened to the extent that new regulations divert activity to unregulated parts of the financial system.
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