US economy is growing within five years of collapse: Barack Obama

WASHINGTON: US President Barack Obama has credited the turnaround of American economy to the historic reforms in the Wall Street, put in place after the catastrophic financial crisis in 2008.

Five years after the catastrophic collapse of the Wall Street, the American economy is growing and the businesses are creating jobs, Obama said yesterday while nominating Timothy Massad to run the Commodity Futures Trading Commission (CFTC).

Massad is a Treasury Department official who has overseen the Troubled Asset Relief Program, the bank rescue plan known as TARP.

Obama attributed the turnaround to rules that are smarter, tougher and are ruled by common-sense to protect consumers and to end taxpayer-funded bailouts.

"Five years later, our economy is growing. Our businesses are creating jobs. Our markets have hit record highs and there's no doubt our financial system is more stable," Obama said.

The 2010 financial overhaul law gave the CFTC, an independent agency, the task of laying down rules for oversight of derivatives, the complex instruments traded in a $700 trillion worldwide market that had been unregulated and contributed to the 2008 financial crisis.