President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America's troubled financial institutions, proposing the most ambitious revision since the Great Depression.

"Developed countries should not resort to protectionism to overcome this (financial) crisis. Any sort of protectionism will complicate the problem instead of resolving it," India's acting Finance Minister Pranab Mukherjee said in the capital.

Obama signalled his opposition to an extension of "Buy American" provisions in a more-than $800-billion economic recovery package being considered by US lawmakers, which would bar foreign goods from being used in government spending projects.