Obama takes fight to banks

President Obama announced today that he is going to be proposing sweeping reforms on banks in Congress. He claims these reforms, which will impose significant limits on the behavior of banks, will stop the sort of actions that led to the financial crisis. Some large banks, such as JP Morgan, may have to be broken up to comply with the proposed regulations. Banks have criticized the proposal, claiming that it is too strict and will not allow banks to operate in an efficient or productive way, while others accuse the proposal of being a political move to counterbalance the election of Senator Scott Brown in Massachussets.