President Barack Obama will reveal plans on Wednesday for a new system of US financial regulation that gives the Federal Reserve primary responsibility for averting future financial crises. Obama will also call for a new council of regulators and a consumer-protection regulator, and is expected to abolish bank regulator the Office of Thrift Supervision. But rather than attempting a more far-reaching consolidation of regulators, the plan is expected to propose rule changes to limit the capacity of institutions to choose their regulator.

This entry was posted by Gwen Robinson on Wednesday, June 17th, 2009 at 5:44 and is filed under Capital markets. Edit this entry.