Presidential hopeful Sen. Barack Obama called for an overhaul of the "balkanized" regulatory system for the financial markets yesterday, and proposed a $30 billion stimulus plan that would provide $10 billion of additional private-activity bond volume capacity so states could issue mortgage revenue bonds for the refinancing of subprime mortgage loans as well as loans to first-time homebuyers.

Obama made the proposals in a speech at Cooper Union for the Advancement of Science and Art in New York.

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