The Washington Post today posted a "near-final" draft of a white paper on how to "build a new foundation for financial regulation and supervision". The 85-page summary suggests:
- A new Financial Services Oversight Council
- A new National Bank Supervisor
- A new Consumer Financial Protection Agency
-
New powers for the Federal Reserve and Securities and Exchange Commission
The paper also talks about filling gaps and harmonizing conflicts in our gappy and off-key system. It would, for instance, subject hedge funds and credit default swaps to much closer -- meaning some -- federal review.
The WaPo article gives more info on the draft and says the administration will make a statement about reform later today.
Blawgletter didn't see right away any language about private causes of action. Maybe that will come later.
UPDATE: The White House issued the final version of the white paper: Financial Regulatory Reform: A New Foundation.
This crowd has gone deadly silent, a Cinderella story outta nowhere.
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