7.22.2009 Continuing its push to establish new rules of the road and make the financial system more fair for consumers and investors, the Obama Administration delivered proposed legislation to Capitol Hill that would require strong, consolidated supervision and regulation for all financial firms. The legislation also provides a regulatory regime to monitor, mitigate and respond to risks in the financial system. The President’s plan will create a Financial Services Oversight Council to facilitate coordination of financial regulatory policy and resolution of disputes and to identify emerging risks in financial markets. The Council will replace the President’s Working Group on Financial Markets and will have a permanent, full-time staff at the Treasury Department.
Click http://www.ustreas.gov/press/releases/tg227.htm to access the Treasury fact sheet.