Obama reportedly wants new banking limits

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Stepping up pressure on Wall Street, President Obama reportedly plans to call for giving the government new powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk trades.

Obama will make the announcement Thursday, a senior administration official said, in an effort to capitalize on an issue that could draw bipartisan support.

The restrictions expand on previous administration positions and would strengthen measures already approved by the House. The Senate is in the midst of writing new banking regulations.

Obama is placing a new emphasis on Wall Street regulations, with a goal of limiting the financial sector to smaller, less interconnected firms. The complexity of the financial industry forced the government last year to approve massive bailouts to prevent a systemwide economic collapse.

-- Associated Press