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US to overhaul financial system

Staff Reporter 1 minute read

U.S. Treasury Secretary Henry M. Paulson will hold a press conference today entitled Remarks on Financial Market Issues.

Mr Paulson’s speech is widely expected to include plans for a sweeping overhaul of the American financial system including broadening the powers of the US Federal Reserve Bank as a regulator of market stability.

According to The Wall Street Journal, Mr Paulson also plans to call for the creation of a mortgage origination commission that would create licensing standards for state mortgage companies.

If all the changes are made “they will represent a complete reworking of the US regulatory system for finance” and “probably take years” to execute..

Published: 31-03-08

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