Obama says G20 must strengthen financial rules

Published: 23 Sep 2009 18:41:56 PST

UNITED NATIONS, Sept 23 - U.S. President Barack Obama vowed on Wednesday to work for "balanced and sustained" growth at a G20 summit in Pittsburgh this week, saying financial regulation needed strengthening to put an end to the "greed, excess and abuse" that caused the financial crisis.

"We will work with the world's largest economies to chart a course for growth that is balanced and sustained," Obama told the U.N. General Assembly, pledging efforts to create jobs and rekindle demand.

"That means setting new rules of the road and strengthening regulation for all financial centers, so that we put an end to the greed, excess and abuse that led us into disaster, and prevent a crisis like this from ever happening again," he said.