News From The White House

I wasn't quite sure what to write about for my blog this week so I was just looking through random articles online when I came across an post from The White House Blog. I was intrigued and decided that that would become my topic for the week: a press release from The White House.

The particular article I found covered the topic of "A Turning Point" (the article's title) in the global economy crisis. The article was released on Thursday, April 2nd, 2009 after the President held a press conference in which he discussed the results of the intense meetings of the recent G-20 Summit that was held in London, England. At the conference global leaders "agreed on a series of unprecedented steps to restore growth and prevent a crisis like this from happening again." The President also stated that the nations that had attended would be creating a strong united front that would help stimulate job creation and the global economy. It would also help those growing economies stay above water and encourage international trade that would prove beneficial to all parties involved. After this, he went on to discuss the main topic of the G-20 Summit meeting: the reform of the worlds' financial regulatory systems.

This reform is both fundamental and must be coordinated to a T if it is going to be successful. The reform that they decided upon was clearly outlined with the President's following quote. He said, "To prevent future crises, we agreed to increase transparency and capital protections for financial institutions. We're extending supervision to all systematically 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 reestablish 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."

I believe that they hit the major problem points with this reform plan and I have every confidence in today's global and economic leaders to make this plan effective.