Financial Regulatory Reform: A New Foundation
It is time to restore responsibility and accountability to our financial system and provide Americans with the confidence that there is a system in place that works for and protects them – not just the banks and other financial institutions. As we begin to come out of the worst financial crisis since the Great Depression, we must modernize our financial system to make sure that the irresponsible behaviors and practices that contributed to this crisis are no longer tolerated.
Get the facts on the Administrations regulatory reform plan and why it is so important for American families, businesses, and our economy.
NBR's Darren Gersh interviewed Assistant Secretary for Financial Institutions Michael Barr to discuss progress on the Administration’s proposals for regulatory reform. View the extended interview.
The Obama administration’s push for overhauling financial regulation gained ground as Financial Services Committee Chairman Barney Frank said the U.S. House will vote on legislation by December and a long-awaited Senate measure was readied...
On October 29, Secretary Geithner testified before the House Financial Services Committee on "Systemic Regulation, Prudential Matters, Resolution Authority and Securitization.
Read his full testimony here.
President Obama and Secretary Geithner released statements today congratulating the House Financial Services Committee on passing H.R. 3126, the Consumer Financial Protection Agency Act of 2009.
- Read the Statement by the President on the Passage of the Consumer Financial Protection Agency by the House Financial Services Committee
- Read the Statement of Treasury Secretary Tim Geithner on Passage of H.R. 3126, the Consumer Financial Protection Agency Act of 2009
A key House committee voted on Thursday to regulate, for the first time, trading in the arcane financial instruments known as derivatives, which have been linked to the financial crisis that shocked Wall Street and cut into the savings of millions of Americans. The 43-to-26 vote by the Financial Services Committee was mostly along party lines and was a big step in President Obama’s proposed overhaul of rules covering the nation’s financial system. The measure is part of a bill that will be debated by the House and Senate. Michael S. Barr, the assistant Treasury secretary for financial institutions, called the bill “absolutely essential to preserving a strong marketplace.” Read more.
VIDEO: President Obama on Consumer Financial Protection
Remarks by the President on Consumer Financial Protection
See how the CFPA ensures adequate consumer protection
VIDEO: Administration’s Regulatory Reform Plan Moves Forward
