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Americas

Obama to give major speech about economy on Monday

©

Text by NEWS WIRES

Latest update : 2009-09-11

US President Barack Obama has announced he will give a speech at historic Federal Hall in New York on Monday about how his administration has dealt with the financial crisis and how to prevent another one in the future.

AFP - US President Barack Obama is to give a "major" speech on the economy Monday, one year after the collapse of Lehman Brothers sparked a global financial crisis, the White House said.

"One year to the day after Lehman Brothers collapsed and precipitated a financial crisis that reverberated across the globe, President Obama will deliver a major speech on the financial crisis at Federal Hall in New York City at midday on Monday," a statement said Thursday.

"He will discuss the aggressive steps the administration has taken to bring the economy back from the brink, the commitment to winding down the government's role in the financial sector and the actions the United States and the global community must take to prevent a crisis like this from ever happening again."

Obama will deliver the speech at Federal Hall, one of the most important sites in America's democratic history, where George Washington took the oath to become the first US president, just doors from the New York Stock Exchange.

His address will come a year after the shocking collapse on September 15, 2008, of banking giant Lehman Brothers, which sent a shockwave through the global financial system.

It was followed by a severe credit crisis, government interventions to help secure markets, and downturns that pushed some of the biggest economies in the world into recession.

Since then, developed and developing countries have come together to address the crisis, in part through the so-called Group of 20, which will meet days after Obama's speech on September 24 and 25 in Pittsburgh, Pennsylvania.

Obama is expected to advance new financial regulatory measures and place the issue of unemployment, which has largely continued to rise in the United States even other indicators show improvement, at the heart of the summit's discussions.

Date created : 2009-09-11

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