It will also be permitted to use the global financial system for trade and commerce.
"And the implications of that for our financial system, for our fiscal policy, for our economy would be catastrophic".
While some take a functioning financial system for granted, in the same way they view highways or indoor plumbing, others see a system in crisis.
That measure was part of a package to block access to the U.S. financial system for any institution that continues to deal with Iran, IHS Global Insight said.
Governments have to find the best people to fill important jobs: there is a limited supply of people who understand the financial system, for example.
Academies in poorly funded areas of the country could face bankruptcy, according to a cross-party campaign group for a fairer financial system for schools.
Gordon Brown, the British prime minister, ought to be one of Mr Obama's closest allies in fixing the global financial system, for both ideological and historical reasons.
The country's four biggest banks announced yesterday that they had each borrowed $500 million from the Federal Reserve, taking an unusual step to ease the credit squeeze that has been rattling the financial system for weeks.
While the leaders agreed to create a new Financial Stability Board to monitor the financial system for signs of risks, they stopped well short of giving regulators cross-border authority, something France has long advocated.
