BusinessCompany NewsPaulson’s overhaul of US banking looms

Paulson's overhaul of US banking looms

Regulatory shake-up of investment banks and insurers by US Treasury only hours away

The US Treasury secretary is to announce sweeping changes to the regulatory
framework governing banks and insurers after the ravages of the credit crunch
later today.

Hank Paulson will set out the proposed reforms, which are being made in a bid
to protect the financial markets from potential upheavals in the future, in
Washington.

Investment banks and insurers answer to the US Treasury, the SEC, and the US
Accounting Board but are also held to account by various state regulators. Their
obligations to these state regulators are set to be dropped.

Paulson has said that the changes would help to galvanise the sector against
market troubles, but could not prevent such occurences from happening.

It is thought that Paulson will propose
two
new agencies
, one to scrutinise the way in which mortgage lenders sell home
loans and the other to regulate insurers.

Further reading:

Statement
of SEC Chairman Christopher Cox Regarding Blueprint for Financial Regulatory
Reform

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