Obama's reform plans undermines G20, says CBI
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CBI director general Richard Lambert has hit out at Barack Obama for undermining the G20’s approach for global reform.
Lambert says Obama’s proposals for a Financial Crisis Responsibility Fee and the Volcker rule, are “unilateral” and “vague”.
He said: “The world economy is in a very fragile state. An overtly populist approach of this nature, setting out only vague proposals, is potentially damaging.
“There is a question about the extent to which banks that take retail deposits and are protected by taxpayer guarantees should engage in high risk activities. But there is a lot more work to be done on the Obama proposals before they can be properly assessed.”
Yesterday it was reported that Boris Johnson also has reservations about Obama’s proposals to curb investment banks risky activities.
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