U.S. Treasury department officials hosted a briefing by Secretary Henry M. Paulson, Jr. today to discuss Treasury's Blueprint for a Modernized Financial Regulatory Structure.
The initiative calls for some long-standing government agencies to combine and others to disappear. Major players at the core of the nation's financial system, including banks, securities firms, insurance companies, commodity investors, and mortgage firms and brokers, may have to submit to increased oversight.
Under proposals for quick action, the Treasury suggested that a new Mortgage Origination Commission be created to develop standards for state mortgage market participants.
The body would be run by a presidential appointee and a board with representatives from the Fed, the Federal Deposit Insurance Corporation and other existing government bureaus.
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Download: Blueprint For A Modernized Financial Regulatory Structure
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