Barack Obama will use this week's anniversary of Lehman Brothers' collapse to pledge to drive through financial reforms in the face of opposition from banks, regulators and Congress.
The US president will today tell Wall Street financiers that his planned reforms, including powers to seize and wind down failing financial companies, must be made law to prevent a repeat of the financial crisis.
Speaking to the Financial Times, Tim Geithner, US Treasury secretary, said a lack of legal authority to support the banking system at the height of the crisis a year ago was a “tragic failure of the US government”.
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