Obama urges G-20 to continue recovery efforts

The White House on Friday released a letter from President Barack Obama to G-20 leaders that urges them to continue efforts to shore up the global economy as they head to the summit in Toronto.

"Our highest priority in Toronto must be to safeguard and strengthen the recovery," the June 16 letter states. "We worked exceptionally hard to restore growth; we cannot let it falter or lose strength now."

The letter reiterates key objectives Obama wants the G-20 to tackle at the summit that he deems would reinforce recovery efforts.

They are more stringent capital and liquidity requirements for finance firms; stronger oversight of derivatives markets; more transparency and disclosure on financial transactions; and the creation of a more effective framework for winding down large global firms.

The Toronto summit is slated to begin June 26.