Chris Skinner's blog

Shaping the future of finance

American Financial Regulatory Reform Announced

Chris Skinner Author Avatar
by

The New York Times published
the detailed proposals for Regulatory Reform for all American financial
markets, from the Treasury on Saturday.  The aim is to:


  • consolidate
    all the regulations and authorities for everything from banking to
    hedge funds and private equity into three powerful overseers: a new
    Prudential Financial Regulator, the Federal Reserve and the SEC
    (currently there are five);
  • merge the SEC with the Commodity
    Futures Trading Commission, and reduce the powers of the SEC by giving
    the Federal Reserve overall authority for the financial markets;
  • eliminate the difference between 'banks' and 'thrifts', and close down the Office of Thrift Supervision;
  • create a national regulator for insurance firms, eliminating the powers of state authorities over insurers;
  • avoid any new regulations being introduced, but ensure regulatory authorities exert and implement their authority; and
  • give
    the Federal Reserve the power to swoop into any part of the industry at
    any time to perform spot checks, including detailed examination of
    internal bookkeeping for any institution that they consider could pose
    a risk to the overall financial system.

The last bit is
quite radical, as the Fed had no power to do this before, and there is
expected to be a long and protracted debate between Democrats and
Republicans, Congress and the Senate, before this passes into law in
2009.

The full text of the Executive Summary is available here.   

Reuters
also reports that the US and UK have agreed a joint banking watchdog,
comprising senior treasury and regulatory figures from London and
Washington, to develop proposals to monitor and regulate the banking
system.

RegulationCategories
Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

Intelligent Money - Chris Skinner Keynote @ Pay 360 conference 2024

What is the future?

Learn more

Learn more about Chris

About Chris Skinner

The Past, Present And Future Of Banking, Finance And Technology

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Join me on Linkedin

Follow Me on X!

Hire Chris Skinner for dinners, workshops and more

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Chris’s latest book

Chris Skinner’s ‘Digital For Good’ Book Launch Event – CFTE

Top 50 Global Thought Leaders and Influencers on FinTech 2023

Chris Skinner
Commentator, CEO of The Finanser and best-selling author at The Finanser

Thinkers360 Thought Leader

Contact Me

Global Awards

Lifetime Achievement Award

Global 100 - 2024 Winner

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best Financial Markets Advisor of the Year 2023

30 Best Regtech Blogs and Websites 2023

Kids creating the future bank | TEDxAthens

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award

TWO-TIME WINNER OF A MOM’S CHOICE GOLD AWARD!

Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser