In
testimony before the House Financial Services Committee earlier today, (see link to
hearing) U.S. Treasury Secretary Tim Geithner
outlined a framework for regulatory reform, focusing on four key areas:
- Addressing Systemic Risk,
- Protecting Consumers and Investors,
- Eliminating Gaps in Our Regulatory Structure, and
- Fostering International Coordination
Here is a link to related draft legislation provided by the U.S. Treasury Department for a "Resolution Authority for Systemically Significant Financial Companies Act of 2009."
Read more in this FEI Summary by Cady North, manager, Government Affairs in our Washington D.C. office. As noted by Cady, FEI is forming a working group among its members, to increase awareness regarding the administration's Financial Regulation Reform proposals, and provide a forum for information sharing and commenting on policy proposals among our members as the proposals move through the legislative process. If you are interested in learning more, please contact Cady North at FEI at cnorth@financialexecutives.org or 202-626-6803.
Senate Banking Hearing On Investor Protection ,Regulation Taking Place Today
Separately, SEC Chairman Mary L. Schapiro testified before the Senate Banking Committee earlier today at a hearing on Enhancing Investor Protection and the Regulation of Securities Markets. The hearing includes three separate panels, and is being webcast live, set to conclude at 2:30pm.