BANZAI7 NEWS--Mervyn King, governor of the Bank of England, said Tuesday that President Barack Obama had put "radical reform" on the agenda for global regulators with his plan to restrict the size and trading activities of the biggest banks in the U.S.
Speaking before a parliamentary committee Tuesday, King said regulators should be looking at as many different options as possible to ensure the recent massive bailouts of the financial system aren't repeated.
He said major changes are needed, but that authorities should take time to come up with the best solution and phase in new rules.
"What the proposals announced last week did is to make it very clear that radical reform is on the table, and that is the most important thing" King said.
WB7: Why can't we find someone like this to run the Fed?
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