President Barack Obama says that the United States will put an end to its outdated policies in Cuba by reestablishing diplomatic relations and opening both economic and travel ties between the two nations. According to the announcement, U.S. financial institutions will be allowed to open accounts in Cuban financial institutions and U.S. exporters will be allowed to sell goods in Cuba. Obama says that since Cuba is a country that meets the U.S. conditions and renounces terrorism, it should not face these sanctions. Obama says Senator Kerry will immediately begin reestablishing Cuban-American diplomatic relations and that there will be a U.S. embassy reestablished in Havana. Whalen MacHale reports for TheStreet from New York.