US President Barack Obama has proposed significant new curbs on the activities of banks to try to prevent future financial crises.
“Never again will the American taxpayer be held hostage by banks that are too big to fail,” Mr Obama said.
The plans – the most far-reaching yet -include limits to the size of banks and restrictions on riskier trading.
US stocks such as JP Morgan Chase and Bank of America fell sharply as the sweeping new rules were announced.
JP Morgan lost 6.6%, while Bank of America gave up 6.2%.
