US unveils banking reform plans

The US government has announced a major reform of banking regulation to prevent future financial crises. The overhaul will require big banks to put more money aside against future losses to curb excessive risk taking.

Consumers will get a special agency to protect their interests and regulate mortgages and credit cards. In outlining the reforms, President Barack Obama described them as the biggest shake-up of the US system of financial regulation since the 1930s.