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Obama To Give Financial Crisis Speech Monday

09/10/09 09:15 PM ET   AP

Barack Obama

WASHINGTON — President Barack Obama is delivering a speech on Wall Street Monday, exactly one year after the Lehman Brothers investment bank collapsed, precipitating the financial crisis felt around the world.

The White House said Thursday that Obama will discuss steps the administration has taken to ease the crisis, its commitment to reduce government involvement in the financial sector and actions the U.S. and other countries must take to keep it from happening again.

The speech is scheduled for Federal Hall in New York.

It was unclear whether Obama would announce any new policies in the speech.

The financial crisis struck in the waning days of the Bush administration, which enacted a $700 billion financial industry bailout to stem the tide. Obama began to play cleanup upon taking office. His administration has proposed an overhaul of the financial system that includes giving the Federal Reserve authority to regulate large financial companies and creating a new consumer protection agency to make and enforce rules for financial products.

On Thursday, citing emerging financial sector stability, Treasury Secretary Timothy Geithner said a number of government rescue efforts in place since the crisis began no longer are needed and that banks will repay $50 billion in rescue funds over the next 18 months.

Geithner said conditions have improved in the banking industry and that his department was stepping down emergency support programs that were put in place after Lehman Brothers collapsed in the largest bankruptcy in U.S. history.

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Filed by Nicholas Sabloff  |