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SUNDAY, NOVEMBER 8, 2009
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Obama's Financial Regulation Plan Nearly Ready

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(Newser) – The Obama administration is finalizing a legislative proposal that would strengthen the reach of financial regulatory agencies, the New York Times reports. The plan wouldn’t likely consolidate the four major bank regulators, which could meet with fierce opposition in Congress. “I don’t mind overlap as much as the idea of concentrating too much power in the hands of one agency,” said Sen. Chris Dodd.

 “The Department of Homeland Security makes me nervous for that very reason,” Dodd added. Rep. Barney Frank says a single agency isn’t “worth the political cost.” Though the administration is mum, it is expected that new policy would place the Securities and Exchange Commission more thoroughly in charge of financial derivatives, previously the province of the Commodity Futures Trading Commission.

AIG's New York headquarters.
AIG's New York headquarters.   (AP Photo)
President Barack Obama.
President Barack Obama.   (AP Photo)
Treasury Secretary Timothy Geithner.
Treasury Secretary Timothy Geithner.   (AP Photo)
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4 comments
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Doctor_Zaius
Jun 1, 09 6:55 PM CDT
What? No "The sky is falling!" childish hogwash from our right wing friends? Reply
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ClearSight
Jun 2, 09 8:22 AM CDT
Doctor Doesn't Know Zip, Why should we? You already said it........
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PaleRider
Jun 2, 09 7:11 PM CDT
No comment necessary, everyone know whatever comes out of this white house will be a failure without any help at all from any outside force. Reply
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Reader2795
Jun 3, 09 11:36 AM CDT
This is critical going forward as in the past this has been the great escape for government oversight and congressional lack of transparency. Napoleon stated that to divide and conquer, provided the best control for a dictator. Here to this practice is used in our government to stop the public from seeing the interplay of regulator to industry to politician. How transparent is FED, not vary, and has only congressional oversight. Similar to other regulators. In the finance area, this is more critical than national security to this triumphant. If you can't follow the money the mystery continues on how it is controlled. This action got us to where we are. Regulators cozy with the financial interest, with Sen Graham disposing of firewalls in 99 gave the "to Big to Fail" concept the momentum it needed to run uncontested by anyone even congress to know the extent of lack of control going on. Result, wealth distribution unbridled to a few. Further the loss of trust and faith in the US economy as a financial industry to be trusted by other free and controlled market countries. SOULUTION!!! that right back to the soul, and rebuilding trust. One banking industry Regulator: 2 divisions Large Bank and Small Bank. my choice is OCC One Insurance Regulator: my choice FDIC with a health care, P&C, and Investment product review. One Investment and Security Regulator- my choice FED The Financial services industry will have a primary and secondary regulator based on government authorization to offer financial products to consumers, and commercial enterprises. The FED will join in with a Global Financial Regulator for oversight of central banks, and other financial institutions to regulate global financial services, and exchanges to insure stability(safety and soundness in financial products and services) along with closing taxing loopholes use to evade and avoid sovereign tax payment. This solution is free of charge, however I seriously doubt it will be implemented. The reason : Governance and Transparency would be in the sunshine. Reply
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