
(CBS)
President Obama is in Moscow today for a two-day summit with top Russian officials and the White House has released a transcript of an interview between the President and Novoya Gazeta – a Russian newspaper known for investigative work in politics.
The interview, published today, discussed the goals of the trip and touched upon the cause of the current economical crisis.
Mr. Obama said the U.S. is not responsible for the world's economic difficulties, contrary to the general opinion of the Russian public.
"We all are experiencing a severe economic crisis that is affecting the lives of many people in countries around the world," Mr. Obama said . "We need to spend less time thinking about who is to blame and more time working together to do what needs to be done to get all of our economies moving in the right direction."
Mr. Obama also discussed his financial regulation reform and the role it plays in the U.S. financial system.
"The plans include three important components," Mr. Obama said. "First, we're proposing a set of reforms to require regulators to look not only at the safety and soundness of individual institutions, but also -- for the first time -- at the stability of the financial system as a whole. Second, we're proposing a new and powerful agency charged with just one job: looking out for ordinary consumers. Third, we're proposing a series of changes designed to promote free and fair markets by closing gaps and overlaps in our regulatory system -- including gaps that exist not just within but between nations."
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