It was announced on 27 September 2009 by Prime Minister Gordon Brown on The Andrew Marr Show on BBC One.
Brown said that the new law would be included in the next Queen's speech and was the result of talks at the G20 summit in Pittsburgh where other countries were looking at similar action.
He also said that the Act's purpose would be to ensure that bankers after the global economic crisis do not go back to "business as usual".
[citation needed] The overall purpose of the Act is "to improve levels of confidence in the banking sector by limiting its losses and by supporting its economic revival.
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