Obama: Leaders United, Confident on Economy

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President Barack Obama assured onlookers, Friday, that the world's leaders are "confident and united" to tackle the worst global economic crisis since the 1930s.

Obama joined leaders from the world's 20 major economies in Pittsburgh Friday for the G-20 economic summit.

The leaders worked to coordinate the response to the global economic crisis in hopes of maintaining the budding economic recovery.  They agreed to leave stimulus programs in place for now, until economies are more stable.

"We brought the global economy back from the brink," Obama said after Friday's meetings.  "We laid the groundwork today for long term prosperity."

"Pittsburgh was a perfect venue for this work," Obama later added. "This community has known its share of hard times. It picked itself up and dusted itself off. It serves as a model for turning the page to a 21st century."

The group plans to hammer out a new set of regulations for banks and bankers. The new rules would force lenders to beef up their capital ratios as well as help limit excessive pay and bones, according to the Times Online

The new regulations are scheduled to be implemented by 2012. 

"If we all act together, financial institutions will have stricter rules for risk taking, governance that aligns compensation with long-term performance and greater transparency in their operations," the summit draft states. 

The board of directors for the global economy will include countries such as China, Brazil and India.
The White House says the G-20 nations will become a permanent council on global economic issues.

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