What are Treasury Secretary Timothy Geithner’s proposed reforms?
The severe national economic challenges have forced the government to take extraordinary measures to revive our financial system and economy. In response, The Department of the Treasury has proposed changes to the regulation and supervision of the financial markets, nonbank financial institutions and the banking system to ensure more stability in the future. The five broad areas of emphasis are designed to: • Promote robust supervision and regulation of financial firms. This would include, among other things, an Oversight Council and new authority for the Fed. • Establish comprehensive supervision of financial markets. The focus would include the securitization markets as well as over-the-counter derivatives, among other changes. • Protect consumers and investors from financial abuse. The proposed changes would include a new Consumer Financial Protection Agency • Provide the government with the tools it needs to manage financial crises. Proposed changes include a new regime to resolve
