Markets fall after Obama sets out new bank rules

A response to Presidnet Obama's plan for Banks.

"Mr Obama's proposals appear to be a return to the principles underlying the Glass-Steagall Act.

That law - from the 1930s in the aftermath of the Great Depression - separated commercial and investment banking and was eventually abolished in 1999 under President Bill Clinton."

The industry lobby group for banks suggested Mr Obama was trying to return the US to the past.

"The better answer is to modernise the regulatory framework and not take the industry and the economy back to the 1930s,"