"The Paulson plan, which the administration has been working on for a year, calls for the eventual creation of three regulatory agencies.
In addition to the Fed as a "market stability regulator," the plan would create a "prudential financial regulator" for the nation's banks, thrifts and credit unions, in place of the five agencies that perform that task now.
The third new agency would regulate business conduct and consumer protection, taking over many of the functions of the Securities and Exchange Commission.
The proposed overhaul would be the most extensive since the current regulatory system was created in response to the 1929 stock market crash and the Great Depression."
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Monday, March 31, 2008
PAULSON PLAN: FEDERAL RESERVE TO CREATE 3 REGULATORY AGENCIES
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