Road to Stability

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.

STATEMENT: Secretary Tim Geithner on Passage of H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009
On Friday, December 11, the U.S. Department of the Treasury released the following statement from Secretary Tim Geithner on the passage of H.R. 4173 - The Wall Street Reform and Consumer Protection Act of 2009:
"I commend the House for passing H.R. 4173 - The Wall Street Reform and Consumer Protection Act of 2009. President Obama called on Congress to enact comprehensive reform of our Nation's financial regulatory system in response to last year's financial collapse. The President set forth clear objectives and principles for reform that were endorsed by Congressional leaders. House passage of this bill moves us an important step closer to meeting the President's objectives for reform. Comprehensive reform must establish clear rules of the road with strong enforcement for our nation's financial institutions and markets; end loopholes that allowed big Wall Street firms to escape supervision; make it clear that no firm is "too big to fail;" and provide strong consumer and investor protections for American families. As with any legislation of this scale and complexity, the Administration looks forward to continuing its close work with Congress to strengthen key provisions as the legislation moves toward final passage."

VIDEO: Assistant Secretary Barr on PBS’s Nightly Business Report

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.

IN CASE YOU MISSED IT: Bloomberg: U.S. Rules Revamp Gains as Frank Sets Vote, Senate Bill Readied

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 THE HILL: Secretary Geithner testifies on the Administration’s proposals for regulatory reform.

Hart Testimony

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.

STATEMENTS: House Financial Services Committee Passes Consumer Financial Protection Agency Act

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.

NEWS: New York Times: Key House Panel Votes to Regulate Derivatives
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.