WKYT | Lexington, Kentucky | News

Obama renews push for financial revamp

WASHINGTON (AP) - President Barack Obama heads to New York today to mark the anniversary of a key moment in the global financial meltdown.

A year ago today, Lehman Brothers went belly up and within days of the investment bank's collapse it was clear a full-scale panic was under way.

The president is marking the anniversary with a speech at New York's Federal Hall in the shadow of Wall Street.

Aides say he'll review efforts to pull the financial system back from the brink. But he'll stress how much work must still be done before the damage is truly mended.

The president outlined his plans in June, proposing the most extensive revamp of market rules since the Great Depression. But there's resistance. Many lawmakers think he'd give too much power to the Federal Reserve. And banks oppose his plan for a new consumer agency to protect borrowers.

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