President-elect Barack Obama says a strong package of financial regulations will be central to his administration's economic recovery package scheduled for roll out next year. He also said the U.S. auto industry should not be allowed to collapse.

Obama made the remarks in a taped interview on NBC's "Meet the Press" program. The interview was conducted on Saturday.

Barack Obama, US President-elect said "As part of our economic recovery package what you will see coming out of my administration right at the center is a strong set of financial regulations which banks, ratings agencies, mortgage brokers, a whole bunch of folks (will) start having to be much more accountable and behave much more responsibly."

He also said the struggling U.S. auto industry should not be allowed to collapse. But he added that any bailout would require a complete restructuring.

Barack Obama said "The auto industry is the backbone of American manufacturing, it is a huge employer across many states, millions of people directly or indirectly are reliant on that industry, so I don't think its an option to simply allow it to collapse."

Obama says his administration will act on a recovery plan and new stimulus package as soon as he is sworn in as president on January 20th, 2009. And that this will initiate the largest infrastructure construction program since the 1950's.

(CCTV December 9, 2008)