Economic Crisis, U.s. Financial System Overhaul | featured news

President Barack Obama singled out financial institutions for causing much of the economic tailspin and criticized their opposition to tighter federal oversight of their industry....

The Obama administration's proposal to overhaul financial regulations, aimed in part at restoring global confidence in America's economic system, triggered a welcome but largely wait-and-see response from overseas investors and analysts.

President Obama said he was looking for a "careful balance" when sketching his blueprint to stabilize the nation's financial sector and wring from the system the kind of risky practices that propelled the country into economic turmoil.