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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: nextrade! who wrote (113560)3/30/2008 2:58:32 PM
From: nextrade!Read Replies (2) of 306849
 
Financial Overhaul Glance

washingtonpost.com

By The Associated Press
The Associated Press
Sunday, March 30, 2008; 2:00 PM

-- The main elements of the Bush administration's plan to overhaul financial regulation, as outlined in a 22-page executive summary obtained by The Associated Press. The proposal is set to be released Monday:

_Expand the role of the President's Working Group on Financial Markets to include the entire financial sector and not just financial markets.

_Create a federal commission, the Mortgage Origination Commission, to develop uniform, minimum licensing standards for mortgage market participants.

_Close the Office of Thrift Supervision, which regulates thrift institutions, and move those functions to the Office of the Comptroller of the Currency, which regulates banks.

_Merge the functions of the Commodity Futures Trading Commission into the Securities and Exchange Commission to create one agency to provide unified oversight of the futures and securities industries.

_Establish an Office of National Insurance within the Treasury Department to regulate those in the insurance industry who want to operate under an optional federal charter.

_Work to establish as a long-term goal three major regulators: the Federal Reserve as a "market stability regulator"; a "prudential financial regulator" to take over the functions of five separate banking regulators; and a "business conduct regulator" to regulate business conduct and consumer protection.
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