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Obama plans new banking regulations
President Barack Obama has proposed sweeping reforms of the US banking system to try to prevent further financial crises.
In addition to the levy which aims to pay $117 billion (£72 billion) back to US taxpayers, the new proposals would restrict both the size of banks and riskier trading.
As a result, larger banks such as the Bank of America and JP Morgan may be broken up. All banks would be able to invest customers’ money only, and not their own funds, as currently happens.
UK-based banks with investments in the US market – including HSBC, Barclays, Standard Chartered and the Royal Bank of Scotland – are at risk of being affected by the proposals.
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