obama regulation reform

Obama Regulatory Reform Plan - Updated: Others Weigh In, Big Business Opposes Consumer Protection

See update below:

Today Yesterday was the big day to get the details of the Obama administration's financial regulatory reform proposal.

The actual Report is uploaded to EP and available here.

Some tidbits I noticed:

  • We propose to enhance the Federal Reserve’s authority over market infrastructure to reduce the potential for contagion among financial firms and markets. (p. 7, 2nd para)
  • New agency, modeled on, but not FDIC, for non-financial institutions and holding companies.(p. 8, para. 7)
  • New Financial Oversight Council reports to the Federal Reserve (p. 9, I.a.1)
  • Repeal of just reporting of Gramm-Leach-Bliley Act (?) (p. 11, para 1)
  • YAA(yet another agency) National Bank Supervisor created
  • Consolidated Institution Regulation moved to....Federal Reserve