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Boris Johnson fails to support Obama’s reshaping plans

Boris Johnson is not supporting Barack Obama’s plans to reshape the banking and investment industry.

According to the Financial Times, a spokesman for the Major of London said Johnson has reservations about Obama’s proposed Financial Crisis Responsibility Fee and the proposed “Volcker rule”.

The report says Johnson has predicted that the reforms might not be workable.

The fee which will be active for at least 10 years, will be levied on all firms with more than £31bn of assets, including all G20 firms operating in the USA.

The rule will limit the scope of banks, and will make sure that no bank or financial institution that contains a bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers for its own profit.

However, Johnson’s position goes against the Conservative party, who last week was quick to back Obama’s sweeping changes.

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