Pittsburgh’s G20 Summit Address Global Financial Regulatory Reforms

Protesters and police clash as G20 participants arrive in Pittsburgh

Thursday, September 24 2009, twenty of the world’s leading economies descended on Pittsburgh for the G20 Summit. A follow-up from their last meeting in London, where managing the global economic crisis was the central issue, this week’s two-day summit aims to establish global financial regulatory reforms that will protect against another global economic meltdown.

According to US Treasury Secretary Tim Geithner, at a news conference late Thursday, financial reform, sustainable economic growth, and a resolution on fossil fuel subsidies were the major issues addressed during Thursday’s working dinner.

A general consensus was reached on limiting the bonuses of the world’s bankers. Described by Geithner as a “basic outline”, each country would set separate standards, overseen by the Financial Stability Board made up of the world’s central bankers and regulators.

President Obama is also looking to have their financial reform proposal endorsed by all twenty participating countries, which addresses imbalances in the global economy. Also on his agenda are universal rules for bank reserves, recovery plan exit strategies, and next steps in the fight against global warming.

Meanwhile, coinciding with the Obama’s arrival in Pittsburgh, protesters and police clashed on the streets.

A group of self-proclaimed anarchists, attempting to march outside the designated demonstration area, responded to police by rolling trashcans and throwing rocks. Tensions escalated, resulting in police using tear gas to disperse the crowd.

Various activist groups gathered outside the G20 summit, from human rights activists to environmentalists. Environmentalists have been staging events in the days leading up to the summit, which coincides with Climate Week.

More protests are expected today as the G20 Summit wraps up.

Some information for this report was provided by AP.

photo credit: xinhuanet- Chinese President Hu Jintao (L) waves as he arrives for a dinner hosted by U.S. President Barack Obama in Pittsburgh on Sept. 24, 2009. Hu arrived in Pittsburgh on Thursday to attend the Group of 20 summit.  (Xinhua/Yao Dawei)

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