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US reveals blueprint to bolster financial market regulation

Staff Reporter 1 minute read

The US Treasury Department released its blueprint for an improved financial regulatory structure overnight, outlining short-, intermediate- and long-term recommendations for financial regulation reform.

“We should and can have a structure that is designed for the world we live in, one that is more flexible, one that can better adapt to change, one that will allow us to more effectively deal with inevitable market disruptions and one that will better protect investors and consumers,” Treasury Secretary Henry Paulson said.

The Treasury’s short-term recommendations include the creation of a new federal commission to evaluate, rate and report on the adequacy of each state’s licensing and regulation of participants in the mortgage origination process, and eventually, consistent national standards for all types of mortgage originators.

The blueprint also includes recommendations to widen the role and authority of the Reserve Bank as a market stability regulator.

Published: 01-04-08

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US reveals blueprint to bolster financial market regulation
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