Democratic presidential candidate Barack Obama called for greater government regulation of the U.S. financial system on Thursday and proposed a new $30 billion economic stimulus plan to help homeowners.
Obama said an era of financial deregulation had created conditions that led to the housing and credit crisis that has pushed the U.S. economy to the brink of a recession.
"It is time for the federal government to revamp the regulatory framework dealing with our financial markets," the Illinois senator said in a wide-ranging speech on the economy.
"Our capital markets have helped us build the strongest economy in the world," Obama said. "They are a source of competitive advantage for our country. But they cannot succeed without the public's trust."
He outlined six "core principles for reform" that he would pursue if elected, led by this one: "If you can borrow from the government, you should be subject to government oversight and supervision."