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U.S. Plans to Overhaul Financial
System |
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Treasury
Secretary Henry Paulson has formally laid out?a plan to overhaul
the nation's financial system. The plan includes the long-term
goal of reducing an “alphabet soup” of regulatory agencies. In
the short run, it will create a mortgages commission that will
set new minimum standards for mortgage brokers and otherwise
unregulated financial institutions that are involved in the
selling of mortgages.
In the meantime, President Bush plans to issue?an executive
order soon that will expand the membership of, and expand
responsibilities of the governmental interagency committee that
deals with the financial markets.
The plan also will drastically expand the power of the Federal
Reserve to oversee the financial market. This would allow
insurance companies, which have long been regulated by the
states,
to choose instead to have a national charter and be supervised
by a new federal agency.
Most of the business community welcomes the plan which is
designed to improve current, rapidly aging regulatory system.
4/1/08 Houston |
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