Breaking: Obama to Propose Limiting Bank Sizes

A senior administration official tells Fox's Mike Emanuel, "A couple of months ago the President began discussing with his economic team the need to include in financial reform more specific and stronger provisions to limit the size and scope of financial institutions to cut down on excessive risk taking. Today, the President will announce a series of measures that address size and scope where he will be joined by Paul Volcker, Chairman of the PERAB (Presidential Economic Recovery Advisory Board) and a long-time advocate for these restrictions. The proposal will include size and complexity limits specifically on proprietary trading and the White House will work closely with House and Senate to work this into legislation moving on the hill."

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