US PRESIDENT BARAK OBAMA SPEAKING at G20 PRESS CONFERENCE:
Let me outline what I think has been most significant.
Number one, we are committed to growth and job creation. All G- 20
nations have acted to stimulate demand, which will total well over $2
trillion in global fiscal expansion.
The United States is also partnering with the private sector to
clean out the troubled assets, the legacy assets that are crippling
some banks, and using the full force of the government to ensure that
our action leads directly to loans to businesses, large and small, as
well as individuals who depend on credit. And these efforts will be
amplified by our G-20 partners, who are pursuing similarly
comprehensive programs.
READ PRESIDENT BARAK OBAMA'S ENTIRE OPENING STATEMENT AT THE G-20 PRESS CONFERENCE
READ THE TEXT OBAMA'S RESPONSES TO QUESTIONS FROM THE PRESS AT G-20
We also agreed on bold action to support developing countries so
that we aren't faced with declining markets that the global economy
depends on. Together, the G-20 is tripling the IMF's lending capacity
and promoting lending by multilateral development banks to increase the
purchasing power and expand markets in every country.
We've also rejected the -- the protectionism that could deepen this
crisis. History tells us that turning inward can help turn a downturn
into a depression.
And this cooperation between the world's leading economies signals
our support for open markets, as does our multilateral commitment to
trade finance that will grow our exports and create new jobs. That's
all on the growth front.
Next, we made enormous strides in committing ourselves to
comprehensive reform of a failed regulatory system. And together, I
believe that we must put an end to the bubble-and-bust economy that has
stood in the way of sustained growth and enabled abusive risk- taking
that endangers our prosperity.
At home, back in the states, our efforts began with an approach that
Secretary Geithner proposed last week, the strongest regulatory reforms
any nation has contemplated so far to prevent the massive failure of
responsibility that we've already seen. Today these principles have
informed and enabled the coordinated action that we will take with our
G-20 partners.
To prevent future crises, we agreed to increase transparency and
capital protections for our financial institutions. We're extending
supervision to all systemically important institutions, markets and
products, including hedge funds.
We'll identify jurisdictions that fail to cooperate, including tax havens, and take action to defend our financial system.
We will re-establish the Financial Stability Forum with a stronger mandate.
And we will reform and expand the IMF and World Bank so they are more efficient, effective and representative.
Finally, we are protecting those who don't always have a voice at
the G-20, but who have suffered greatly in this crisis. And the United
States is ready to lead in this endeavor.
READ PRESIDENT BARAK OBAMA'S ENTIRE OPENING STATEMENT AT THE G-20 PRESS CONFERENCE
READ THE TEXT OBAMA'S RESPONSES TO QUESTIONS FROM THE PRESS AT G-20
Photo via The London Summit, by Lawrence Looi /Newsteam, use: Some rights reserved