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Financial stability board welcomes Obama bank plan

• Reuters
The Financial Stability Board (FSB), charged by the G20 to coordinate national regulation in response to the financial crisis, on Saturday welcomed U.S. proposals to limit banks' size and trading activities.

The proposals are among a range of options the board is considering as its addresses the risk of banks being "too big to fail," it said in a statement.

Major European economies have offered support for President Barack Obama's plan, which could rewrite the world financial order, but indicated they had no plans to follow suit.

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