Wednesday, June 17, 2009
President Obama willl announce the administration's plan to reform financial regulation. Here are some previews from major newspapers:
The websites of the newspapers also have posted an 85-page draft of the plan.
As described in the press reports, the plan will give the Federal Reserve additional powers over large financial institutions and will create a council of regulators to fill in regulatory gaps. There will be a new consumer protection agency for financial instruments, which, in a significant victory for the SEC, will not include mutual funds. The SEC and CFTC will not be merged.