President Obama has outlined the most comprehensive overhaul of the US financial regulatory framework in 70 years.

The overhaul is an attempt to stop the banking meltdown of the last two years from reoccurring and to 'build a new foundation for sustained and lasting growth'.

Introducing the sweeping reforms, the centrepiece of which strengthens the hand of the Federal Reserve beyond all others, the US President said that he wanted to eradicate 'a culture of irresponsibility' which had taken 'root from Wall Street to Washington to Main Street'.

In its place he plans to deliver 'strong, vibrant financial markets, operating under transparent, fairly administered rules of the road that protect America’s consumers and our economy from the devastating breakdown we’ve witnessed in recent years'.

Daily Telegraph